S&P assigns Owens Corning loan BBB-

Standard & Poor's said it assigned its BBB- bank loan rating to the proposed $2.4 billion senior unsecured credit facility of Owens Corning (D) and said it expects to assign its BBB- corporate credit rating to the company if Owens Corning and its major U.S. subsidiaries emerge from Chapter 11 bankruptcy proceedings in October as currently planned.

The agency added it expects the outlook to be stable.

S&P noted that the credit facility is comprised of a $1 billion revolving credit facility and a $1.4 billion delayed-draw term loan, both due in 2011.

The ratings are based on the exit financing, capital structure and other terms and conditions proposed under the company's Sixth Amended Joint Plan of Reorganization for Owens Corning and its Affiliated Debtors and Debtors-in-Possession filed with the bankruptcy court on July 11, the agency said.

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