Wide global footprint and diverse glass product offerings Demand is subject to cyclical construction markets and industrial demand, with volatile pricing Low-cost manufacturing operations Good profitability and cash flow even through cyclical downturns Solid track record of cash flow generation Strong liquidity with ample credit lines and cash balances Current high debt leverage for the rating due to recent debt-financed stock redemption and lower earnings Generally prudent financial policy The rating outlook is stable. After weaker-than-expected operating performance in 2012, we expect Guardian will post better results in its flat, specialty, and auto glass segments and in its building materials business as industrial and construction markets slowly recover. We also expect the company to realize the benefits of cost reductions
