Due to the recent IPO and improving cash flows, financial leverage has improved to 3.7x debt to EBITDA; The company maintains good near-term cash flow visibility due to strong customer backlog; and The company is a market leader across most of its niche product lines. Cash flows are vulnerable to a downturn of capital expenditures in the industrial gas, natural gas processing, and liquefied natural gas markets; Given its small size ($468 million in sales), the company has limited scale; and Although improved, financial leverage remains relatively aggressive. The ratings on Chart Industries Inc. reflect the company's aggressive, albeit improving, financial leverage, the company's small size, and the cyclicality inherent in the industrial gas and natural gas processing markets. These
