S&P reviews Guardian Industries

S&P said it placed its ratings, including its A corporate credit rating, on Guardian Industries Inc. on CreditWatch with developing implications.

Guardian Industries' shareholders approved the sale of the company to Koch Industries for an undisclosed price in an all-cash deal. The deal is expected to close in the first quarter of 2017.

Following the close of the deal, Koch will own 100% of Guardian.

Koch purchased its initial 44% stake in Guardian in December 2012.

In resolving the CreditWatch, S&P said it will assess the combination of possible changes to Guardian's capital structure and/or the extent to which it believes Koch ownership could enhance Guardian's rating under our Group Rating Methodology.

"In resolving our CreditWatch listing, we will assess the effects of the sale and the potential for any changes to Guardian's existing capital structure," S&P Thomas O'Toole said in a news release.

"We will also assess the status of Guardian within the Koch group and the resulting likelihood of support as defined under our Group Rating Methodology, which may enhance Guardian's credit profile.”

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