U.S. based-glass manufacturer Guardian Industries Corp.'s continued focus on operating efficiency and profitability has helped the company sustain its leverage below 1x over the last 12 months. We expect that the demand for Guardian's glass and auto trim products will remain stable and believe that the company will continue to invest in improving its processes and product research and development (R&D). We are raising our long-term corporate credit rating on Guardian to 'A' from 'A-'. The stable outlook reflects our expectation that Guardian will maintain its prudent financial policies, including sustaining a debt leverage metric of less than 1.5x. On May 16, 2016, S&P Global Ratings raised its long-term corporate credit rating on Guardian Industries Corp. by one notch to
