NEW YORK (Standard&Poor's) March 3, 2014--Standard&Poor's Ratings Services said today that it raised its senior subordinated debt ratings on Garfield Heights, Ohio-based Chart Industries Inc. to 'BB-' (the same as the corporate credit rating) from 'B+'. Standard&Poor's also revised its recovery rating on this debt to '3', indicating our expectation of meaningful recovery (50% to 70%) in the event of a payment default, from '5'. The rating action incorporates our expectation for higher valuation upon emergence from default. This reflects our view of the company's improved earnings performance over the past several years. The 'BB-' corporate credit rating on Chart, which manufactures equipment used for low-temperature and cryogenic applications for energy, industrial gas, and
