Due to the IPO in July 2006, a secondary equity offering in June 2007, and improving cash flows, financial leverage has improved to under 3x 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 ($600 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, its small size, and the cyclicality inherent in
