The ratings on Auburn Hills, Mich.-based Guardian Industries Corp. reflect its very strong credit protection measures resulting from conservative financial policies. They also reflect a solid position in the large, concentrated global flat-glass market, good geographic diversity, low-cost manufacturing, and growing value-added fabricated products. Guardian's 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 is the most important factor in its ratings. Standard&Poor's Ratings Services expects this policy to remain in place at whatever time transfer of
