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, the company's main revenue source. These weaknesses are only partially offset by the company's strong customer backlog and solid market share across its niche product offerings. Chart, headquartered in Garfield Heights, Ohio, manufactures equipment used for low-temperature and cryogenic applications. The company has roughly $350 million in debt on its balance sheet as a result of the sale of the company to First Reserve Corp. on Oct. 17, 2005. As a privately held company, Chart no longer files public financial statements with the SEC. The company is organized into three segments: distribution and storage, energy
