Guardian Ind Corp. has been assigned an A2 senior unsecured issuer rating while Guardian Europe's proposed EUR 300M EU-commercial paper program has received a Prime-1 short-term rating by Moody's Investors Service. Guardian Europe's Euro-commercial paper program is guaranteed by Guardian Ind Corp. Guardian Europe intends to use commercial paper proceeds to repay EUR 270M in bank debt. The program is backed by a EUR 300M three-year, syndicated revolving credit facility guaranteed by Guardian Ind Corp. Furthermore, Moody's has affirmed the A2 senior unsecured rating of Guardian's V.P.S. de R.L. de C.V., which is guaranteed by Guardian Ind & Guardian Industries' Prime-1 short-term rating.The Prime-1 rating is based on Guardian's A2 senior unsecured rating & the company's strong liquidity position given reliable & significant cash flow generation & considerable cash balances resulting from the repatriation of foreign subsidiaries' earnings under the American Jobs Creation Act 2005.
