Moody’s gives Ba1 to Owens Corning notes

Moody's Investors Service said it assigned a Ba1 rating to Owens Corning's proposed $400 million senior unsecured notes due 2026 and affirmed its Ba1 corporate family rating and Ba1-PD probability of default rating.

The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2 based on expectations of the company continuing to produce free cash flow, resulting in less usage of its revolving credit facility and securitization facility.

The outlook is stable.

Moody's expects the proposed notes to have substantially the same terms and conditions as the existing senior unsecured notes and to rank pari passu in right of payment to the company's other unsecured obligations.

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