Fitch rates Owens Corning BBB-

Fitch Ratings said it assigned a BBB- issuer default rating to Owens Corning and BBB- ratings to its senior unsecured debt and unsecured revolving credit facility.

The outlook is stable.

The agency said the ratings for Owens Corning reflect the company's leading market position in all of its major businesses, strong brand recognition and end-product and geographic diversity.

Risks include the cyclicality of the company's end markets, a weak global economy and volatile raw materials and energy costs, Fitch said.

The debt-to-EBITDA ratio, as calculated by Fitch, improved to 3.3 times for the last 12 months ended Sept. 30 from 3.6 times during fiscal 2008.

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