Summary: Guardian Industries Corp.

Wide global footprint and diverse glass product offerings Low-cost manufacturing operations Risk of political disruption in some markets Demand is subject to cyclical construction markets and industrial demand, with volatile pricing 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 Generally prudent financial policy The rating outlook is stable. We expect Guardian Industries Corp. will post improved operating results for 2014, driven by improved sales and profitability in its glass and auto trim segments, both in North America and in Europe. We expect this improvement even after taking into account the devaluation of Guardian's Venezuelan assets and operations. We expect Guardian's improved earnings, along

...Outlook: Stable The rating outlook is stable. We expect Guardian Industries Corp. will post improved operating results for 2014, driven by improved sales and profitability in its glass and auto trim segments, both in North America and in Europe. We expect this improvement even after taking into account the devaluation of Guardian's Venezuelan assets and operations. We expect Guardian's improved earnings, along with repayment of debt funded by proceeds of the recent sale of the company's insulation business, will lower debt to EBITDA leverage to below 2x by the end of 2014. Under our baseline assumptions (see below) we expect that Guardian's sales will increase about 3% in 2015 and EBITDA will grow in excess of sales because we expect operating margins to increase due to better glass pricing, growth in the company's SRG Global Inc. auto trim business, and the company's divestiture of its lower-margin insulation business. As a result, for 2015, we expect Guardian to reduce leverage to about...

Summary