S&P cuts Guardian Industries

Standard & Poor's said it lowered its corporate credit rating on Guardian Industries Corp. to A from A+ and the commercial paper rating on the company to A-2 from A-1.

The outlook is negative.

The downgrade reflects S&P's belief that Guardian's debt balances over the next two years will be higher than the agency incorporated into its previous rating due to cyclically weak earnings and cash flow, as well as potential shareholder distributions that may be sizable relative to S&P's projections of free cash flow, said S&P credit analyst Pamela Rice in a news release.

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