Guardian Industries Resources LLC's $1.2 Billion Commercial Paper Program Assigned 'A-1' Rating

NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings today assigned its 'A-1' short-term rating to U.S.-based glass manufacturer Guardian Industries Resources LLC $1.2 billion U.S. commercial paper program. Guardian will use the commercial paper program for working capital requirements and general corporate purposes. Approximately $600 million of the program, along with a $500 million equity contribution from parent Koch Industries Inc., will be dedicated to paying down the company's $1.1 billion term loan (unrated). The program will be backed by its $1.2 billion of revolving credit facilities due in 2022 (unrated). The corporate credit rating on Guardian is 'A' and the outlook is stable. The rating incorporates our view that in addition to a conservative financial policy, Guardian

...NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings today assigned its 'A-1' short-term rating to U.S.-based glass manufacturer Guardian Industries Resources LLC $1.2 billion U.S. commercial paper program. Guardian will use the commercial paper program for working capital requirements and general corporate purposes. Approximately $600 million of the program, along with a $500 million equity contribution from parent Koch Industries Inc., will be dedicated to paying down the company's $1.1 billion term loan (unrated). The program will be backed by its $1.2 billion of revolving credit facilities due in 2022 (unrated). The corporate credit rating on Guardian is 'A' and the outlook is stable. The rating incorporates our view that in addition to a conservative financial policy, Guardian is one of the most profitable and largest glass manufacturers in the world. The company has shifted its production in recent years away from commodity glass toward more value-added glass, which is...

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