S&P assigns Guardian Industries program A-1

Standard & Poor's said it assigned its A-1 rating to the $300 million commercial paper program of Guardian Industries Corp. and Guardian Europe Sarl based on preliminary terms and conditions.

Guardian Industries guarantees the commercial paper issued by Guardian Europe, the agency said, adding that the program is backed by the company's $300 million senior unsecured revolving credit facility maturing in August 2011.

Guardian will use proceeds from the commercial paper program primarily for general corporate purposes, the agency noted.

At the same time, S&P said it affirmed all other ratings including the A+ corporate credit rating on Guardian Industries.

The outlook is stable.

"The ratings on Guardian reflect its very strong credit protection measures resulting from conservative financial policies," said S&P credit analyst Pamela Rice.

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