Conservative financial policies; Lengthy track record of strong credit measures as evidenced by funds from operations to gross debt averaging close to 100% the past four years; A solid market position in a broad range of glass products; Geographic diversification of revenue and operations; and Low-cost glass manufacturing and emphasis on value-added fabricated products. Competition with larger industry players; Cyclical new construction and automotive end markets; Exposure to "Big Three" auto manufacturers; Lackluster automotive products' profitability; and Participation in the highly fragmented and competitive building products distribution industry. The ratings on Auburn Hills, Mich.-based Guardian Industries Corp. reflect its very strong credit protection measures resulting from conservative financial policies, a solid position in the large, concentrated global flat-glass market, good
