Exposure to the highly cyclical and competitive gas processing market Small size and scale compared with larger players in the capital equipment industry Diversification benefits from company's exposure to the medical end-market and its global footprint Solid debt ratios and low capital expenditure requirements The stable outlook on Chart Industries Inc. reflects Standard&Poor's assessment of the company's liquidity as "strong," Chart's moderate financial leverage, and our expectations for solid business conditions in the next 18 months. We could lower the rating if leverage increases above 4x for an extended period, without a clear plan of leverage reduction; or if the company's backlog shrinks considerably from current levels. Assuming that 2013 revenues are flat with our 2012 estimate of
