The ratings on Auburn Hills, Mich.-based Guardian Industries Corp. reflect a solid position in the large, concentrated worldwide flat glass market and very strong credit protection measures resulting from conservative financial policies. These positives are tempered by the cyclicality of the company's markets, competition from larger glass industry players, and lackluster operating margins of the automotive products group. This privately owned company--financials are confidential--is a manufacturer of float glass and fabricated glass products for the construction industry, a Tier 1 supplier of vehicle glass and exterior trim for the global automotive industry, a distributor of building materials, and a manufacturer of fiberglass insulation products. Guardian's competitive positions through a business cycle are supported by low-cost operations and the focus on
