S&P affirms Owens Corning

Standard & Poor's said it affirmed Owens Corning Inc.'s BBB- corporate credit rating.

The outlook is stable.

The affirmation reflects an expectation that weaker-than-expected 2012 earnings, operating results and credit measures will recover in 2013 to levels consistent with a low-investment-grade profile, S&P said.

On Oct. 9, the company announced lower earnings guidance for 2012, the agency said.

S&P said it now expects adjusted EBITDA for the year to total about $650 million versus a prior expectation of about $730 million.

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