The rating on Chart Industries Inc. reflects the company's small size, cyclicality inherent to the industrial gas and natural gas processing market, and a somewhat uneven revenue stream in the company's energy and chemicals segment. The rating also reflects Chart's strong operating performance and strong liquidity for the rating. The Garfield, Ohio-based company had $271 million of adjusted debt as of Dec. 31, 2008. 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. Chart's D&S segment (45% of 2008 sales) manufactures cryogenic storage systems used to store and transport industrial gases and hydrocarbons. The E&C segment
