-- 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, lower earnings because of the global economic slowdown will likely result in a meaningful decline in the company's cash balances, although we believe Guardian—a U.S. glass producer and distributor—should be able to maintain adequate liquidity. -- We are revising our outlook on Guardian to negative from stable and affirming the ratings. -- 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) June 15, 2009--Standard&Poor's Ratings Services today revised
