-- We expect challenging operating conditions over the next several quarters in most of Guardian's end markets, including housing, commercial construction, and automotive. -- In our view, a decline in operating cash flow along with relatively sizable expenditures will likely result in a net debt balance over the next two years that is higher than we previously expected. -- We are lowering our long-term corporate credit rating on Guardian to 'A' from 'A+' and our short-term rating to 'A-2' from 'A-1'. -- The negative outlook reflects our concerns that a protracted global economic downturn could result in credit measures that are weaker for the ratings for a longer-than-acceptable period. NEW YORK (Standard&Poor's) Oct. 1, 2009--Standard&Poor's Ratings
