Modest capital expenditures; Improving product and geographic diversity; and Solid cash balance and revolver availability. Cash flows susceptible to cyclicality of industrial gas market; Limited size and scale; and Some unevenness in revenue stream. The ratings on Garfield, Ohio-based Chart Industries Inc. reflect the company's participation in the highly cyclical gas processing market, its small size and scale, and an uneven revenue stream in the company's energy and chemicals segment. Our ratings on Chart also incorporate its modest capital spending, improving product and geographic diversification, and adequate liquidity. Chart manufactures equipment used for low-temperature and cryogenic applications for energy, industrial gas, and biomedical customers. Its products can be found throughout the liquid gas supply chain, from purification and liquefaction to
