(RTTNews) -  Fitch Ratings said Tuesday that it has initiated coverage and assigned a 'BBB-' Issuer Default Rating to Owens Corning (OC: News ). The rating agency has also assigned 'BBB-' ratings to the company's senior unsecured debt and unsecured revolving credit facility at 'BBB-'. The rating outlook is stable.

Fitch 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.

The stable outlook reflects the expected moderate improvement in housing metrics as well as home improvement spending in 2010, offset in part by the continued decline in commercial construction spending. The stable outlook also incorporates the expectation that OC will continue to generate free cash flow in 2010 and maintain solid liquidity.

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by RTT Staff Writer

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