The ratings on Chart Industries Inc. reflect the cyclicality inherent in the industrial gas and natural gas processing markets, aggressive but improving financial leverage, and limited scale. The ratings also reflect the company's improving financial performance, high customer backlog, and solid market share across its niche product offerings. Garfield, Ohio-based Chart had $250 million of debt as of Sept. 30, 2007. 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 (50% of sales), Chart manufactures cryogenic storage systems used to store and transport industrial gases and hydrocarbons. In the E&C segment (35%),
