The ratings on Chart Industries Inc. reflect the company's aggressive financial leverage and the cyclicality inherent in the industrial gas and natural gas processing markets, i.e. the company's main revenue source. These weaknesses are only partially offset by the company's strong customer backlog, solid market share across its major product lines, and improved cost structure. Chart, headquartered in Garfield Heights, Ohio, manufactures equipment used for low-temperature and cryogenic applications. The company has $353 million in debt on its balance sheet as a result of the sale of the company to First Reserve Corp. The company is organized into three segments: Distribution and Storage (D&S), Energy and Chemicals (E&C), and Biomedical. In the D&S segment (55% of sales), Chart manufactures cryogenic
