The ratings on Chart Industries Inc. reflect the company's aggressive, albeit improving, financial leverage, the company's small size, and the cyclicality inherent in the industrial gas and natural gas processing markets. These weaknesses are partially offset by the company's improving financial performance, high customer backlog, and solid market share across its niche product offerings. Pro forma for the recent IPO, Garfield, Ohio-based Chart had $290 million of debt. Chart manufactures equipment used for low temperature and cryogenic applications for energy, industrial gas, and biomedical customers. The company is organized into three segments: Distribution and Storage (D&S), Energy and Chemicals (E&C), and Biomedical. In the D&S segment (51% of sales), Chart manufactures cryogenic storage systems used to store and transport industrial
