The ratings on Toledo, Ohio-based Owens Corning reflect the company's strong leading market positions, well-known brand names, good product and customer diversity, and moderate financial policies. The ratings also reflect cyclical, competitive, and mature markets, limited geographic diversity, and raw-material cost pressures. Owens Corning manufactures building products and composite materials, focused mainly in North America. Its primary businesses are insulation, roofing and asphalt, glass fiber reinforcement products, and manufactured stone veneer. The company recently announced it is pursing strategic alternatives for its vinyl siding business. We expect only modest acquisition activity in the near term. Although the company has some balance in its mix of end markets, about 35% of its sales is derived from new residential construction, which Standard
