The ratings on Toledo, Ohio-based Owens Corning reflect the company's satisfactory business risk profile, supported by leading market positions, well-known brand names, and good product, geographic, and end market diversity. The ratings also reflect the company's participation in cyclical and competitive markets, current depressed U.S. housing demand, and a weak global economy. The company's intermediate financial risk profile reflects adequate liquidity throughout a cycle, good operating cash flow generation, and modest near-term debt maturities. 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 to 22%
