Moody’s assigns Owens Corning notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Owens Corning’s proposed $300 million senior unsecured notes due 2030.

The company’s Baa3 senior unsecured rating is not affected by the proposed transaction. The outlook remains stable.

“Moody’s views the proposed issuance as credit positive since proceeds will result in additional liquidity with about $530 million of cash on a pro forma basis at Q1 2020. Higher cash interest payments will not materially affect interest coverage or cash flow. However, the addition of more permanent debt in OC’s capital structure is contributing to an increase in leverage,” the agency said in a press release.

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