Moody’s cuts Guardian Industries to Baa2

Moody's Investors Service said it downgraded Guardian Industries Corp.'s long-term issuer rating to Baa2 from Baa1.

The outlook is stable.

The action follows Koch Industries' acquisition of Guardian's remaining common shares and reflects Guardian's higher leverage following the closing of the transaction, the agency explained.

Pro forma for the new capital structure, adjusted debt-to-EBITDA is above 2.5 times for the trailing 12 months ending Sept. 30, 2016.

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