The ratings on Guardian Industries Corp. reflect a leading position in the large, concentrated worldwide flat glass market and strong credit protection measures resulting from very conservative financial policies. These positives are tempered by the cyclicality of the company's markets. This privately owned company (financials are confidential) is a leading manufacturer of float glass and fabricated glass products for the construction industries and also a tier one supplier of vehicle glass and exterior trim for the global automotive industry. Support for Guardian's competitive position and good operating margins through a business cycle is provided by low-cost operations and the focus on value-added fabricated products, including automobile windshields and side windows, and ongoing expansion of significant international operations. Sales are heavily
