The ratings on Auburn Hills, Mich.-based glass manufacturer Guardian Industries Corp. reflects what Standard&Poor's Ratings Services views as the company's "strong" business risk marked by a solid position in the large, concentrated global flat-glass market, good geographic diversity, low-cost glass manufacturing operations, and expansion into more value-added glass products. The ratings also reflect the company's conservative capital structure, relatively low debt and track record of strong financial performance, which results in our assessment of a "modest" financial risk profile. Privately owned Guardian Industries does not publicly disclose its financials. The company manufactures flat-glass and fabricated-glass products for the construction industry, vehicle glass and exterior trim products, and fiberglass insulation, which it distributes with other building products. The company
