Ratings Agency Upgrades Armstrong Outlook

New York, NY, March 3, 2008– Standard & Poor’s Ratings Service upgraded its outlook on Armstrong World Industries Inc to stable from developing.

Armstrong said it plans to remain a public company and is scuttling plans to find an acquirer. It also plans to return $500 million to shareholders during 2008.

The ratings agency said it has also affirmed the ‘BB’ corporate credit and ‘BBB-‘ senior secured ratings on the company.

S&P credit analyst Thomas Nadramia noted Armstrong’s strong cash flow and its dominant position in the ceilings market.