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. On June 15, 2009, Standard&Poor's Ratings Services revised its outlook on Guardian Industries Corp. to negative
