Glass and auto trim parts manufacturer Guardian Industries Resources LLC is likely to perform well in 2021 due to expanding margins mainly from strong end-market demand. We affirmed our issuer credit rating on Guardian based on Koch Industries Inc.'s continued support and the company's strong credit metrics and sound financial policy. The stable outlook on Guardian reflects our expectation, absent additional or prolonged declines in glass and auto demand, of S&P Global Ratings-adjusted leverage below 1x for the next 24 months. Furthermore, we expect Guardian leverage to be 0.5x-1x, which we expect to continue into 2022. We forecast EBITDA margins to rebound significantly to 17%-18% in 2021 from about 12% in 2020, primarily attributable to robust volume demand and price
