Moody’s rates Owens Corning notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Owens Corning's proposed senior unsecured notes due 2029 in an amount of $450 million.

These notes are pari passu to the company's other unsecured notes, which are rated Ba1, Moody’s said.

Proceeds from the proposed notes will be used to tender for a similar amount in aggregate of the company's 4.2% senior unsecured notes due 2022 and 7% senior unsecured notes 2036.

Owens Corning's Ba1 corporate family rating, Ba1-PD probability of default rating and its SGL-1 speculative grade liquidity rating are not affected by the proposed transaction.

The outlook is stable.

“We view the proposed transaction as credit positive, since OC is extending its maturity profile in a leverage-neutral transaction,” the agency said in a news release.

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