The ratings on Guardian Industries Corp. reflect its leading position in the large, concentrated worldwide flat glass market, and strong credit protection measures resulting from 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 industry and also a tier-one supplier of vehicle glass and exterior trim for the global automotive industry. Guardian's competitive position through a business cycle is provided by low-cost operations and the focus on value-added architectural and automotive fabricated products and ongoing expansion of its significant global operations. Sales depend heavily on cyclical new construction and automotive markets, but residential and commercial repair/remodeling
