U.S.-based glass manufacturer Guardian Industries Corp. has significantly improved operating earnings and reduced debt leverage to below 1x over the past several quarters. We expect demand for Guardian's glass and auto trim products to strengthen over the next several years due to slowly recovering U.S. construction markets and improved auto demand. We are raising our long-term corporate credit rating on Guardian to 'A-' from 'BBB+'. At the same time, we are raising our short-term rating on the company's commercial paper to 'A-1' from 'A-2'. The outlook is stable, reflecting our expectation that Guardian will maintain its prudent financial policies with debt leverage remaining sustained below 2x. On June 24, 2015, Standard&Poor's Ratings Services raised its long-term corporate credit
