The ratings on Auburn Hills, Mich.-based Guardian Industries Corp. reflect its very strong credit protection measures. These result from conservative financial policies, a solid position in the large, concentrated global flat-glass market, good geographic diversity, low-cost manufacturing, and growing value-added fabricated products. Its cyclical end markets, competition from larger glass industry players, and exposure to the "Detroit Three" U.S. automakers temper these positives. Guardian manufactures flat glass and fabricated glass products for the construction industry, vehicle glass and exterior trim products, and fiberglass insulation. It also distributes building products. Guardian's conservative financial policy, which Standard&Poor's Ratings Services expects will remain in place at whatever time transfer of control of the company occurs through ownership succession, is the most
