The ratings on Toledo, Ohio-based Owens Corning reflect the company's leading market positions, well-known brand names, good product, geographic, and end-market diversity, and good liquidity. The ratings also reflect the company's participation in cyclical and competitive markets, current depressed U.S. housing demand, and a weak global economy. Owens Corning manufactures composite materials and building products. Its primary businesses are glass fiber reinforcement products (composites), insulation, roofing and asphalt, and manufactured stone veneer. The geographic diversity of its sales is increasing, with 38% generated outside the U.S. and Canada in 2008 compared with 22% in 2006. In addition, Owens Corning serves a mix of end markets, including a wide variety of commercial and industrial end uses for its composite materials, which
