Owens Corning Placed On Rating Watch Negative

Fitch, the international rating agency, placed the ratings of Owens Corning on Rating Watch Negative following the company's announcement that further charges would be taken related to the company's asbestos liabilities. Ratings under review are the company's senior unsecured rating of BBB- and the MIPS rating of BB+. The rating review will focus on the increase in the company's fixed-payment obligations in 2003 and beyond, and whether the company's cash flow provides sufficient coverage through the cycle to cover debt service obligations at the investment-grade level.