Good product and geographic diversity. Low debt leverage, minimal capital expenditure requirements, and solid cash balance. Cash flows susceptible to cyclicality of industrial gas market. Limited size and scale. 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 (based on our criteria). We view Chart's financial profile as "significant". We believe Chart's leverage metrics and coverage ratios will remain at levels consistent with the current ratings in 2012, given our
