Research Update: Guardian Industries' $300 Million Commercial Paper Program Rated 'A-1'; Corporate Credit Rating Affirmed At 'A+'

On Jan. 13, 2009, Standard&Poor's Ratings Services assigned its 'A-1' rating to the $300 million commercial paper program of Guardian Industries Corp. and Guardian Europe S.A.R.L. based on preliminary terms and conditions. Guardian Industries guarantees the commercial paper issued by Guardian Europe. The program is backed by the company's $300 million senior unsecured revolving credit facility maturing in August 2011. Guardian will use proceeds from the commercial paper program primarily for general corporate purposes. At the same time, Standard&Poor's affirmed all other ratings including the 'A+' corporate credit rating on Guardian Industries. The outlook is stable. The ratings on Auburn Hills, Mich.-based Guardian reflect its very strong credit protection measures resulting from conservative financial policies. They

...On Jan. 13, 2009, Standard & Poor's Ratings Services assigned its 'A-1' rating to the $300 million commercial paper program of Guardian Industries Corp. and Guardian Europe S.A.R.L. based on preliminary terms and conditions. Guardian Industries guarantees the commercial paper issued by Guardian Europe. The program is backed by the company's $300 million senior unsecured revolving credit facility maturing in August 2011. Guardian will use proceeds from the commercial paper program primarily for general corporate purposes. At the same time, Standard & Poor's affirmed all other ratings including the 'A+' corporate credit rating on Guardian Industries. The outlook is stable. The ratings on Auburn Hills, Mich.-based Guardian reflect its very strong credit protection measures resulting from conservative financial policies. They also reflect a solid position in the large, concentrated global flat-glass market, good geographic diversity, low-cost manufacturing, and value-added fabricated products....

Research Update