The ratings on Toledo, Ohio-based Owens Corning (OC) reflect our view of the company's "satisfactory" business risk and "intermediate" financial risk. OC's business risk profile is marked by its leading market positions in insulation; roofing products and composites, well-known brand names; and good product, end-market, and geographic diversity. These strengths are somewhat tempered by its participation in highly cyclical and competitive markets, and ongoing low levels of U.S. housing demand, a key driver for the company's insulation business. The company's intermediate financial risk profile reflects good operating cash flow generation throughout a cycle, strong liquidity, and prospects for meaningfully strengthened earnings when U.S. housing markets fully recover. These strengths are partially offset by a sizable share repurchase program, still weak
