NEW YORK (Standard & Poor's CreditWire) Feb. 17, 2000--Standard & Poor's today affirmed its ratings on Guardian Industries Corp. (see list below) following the company's offer to purchase all of the outstanding shares of Cameron Ashley Building Products Inc., a distributor of residential and commercial building products. The outlook is stable. Cash flow protection measures, which are currently strong for the ratings, would be reasonable pro forma for the transaction. Moreover, significant debt reduction is expected to occur in the next few years. Guardian also holds an equity interest in Builder Marts of America, the largest noncooperative-buying group of lumber, building materials, millwork, and hardware in the U.S. Standard & Poor's, however, views the building materials distribution industry as having
