The ratings on Garfield, Ohio-based Chart Industries Inc. reflect the company's participation in the highly cyclical gas processing market, its small size, and an uneven revenue stream in the company's energy and chemicals segment. Standard&Poor's Ratings Services' ratings on Chart also incorporate its adequate liquidity, modest capital spending, and decent product and geographic diversification. Chart manufactures equipment used for low-temperature and cryogenic applications for energy, industrial gas, and biomedical customers. Many of its products can be found throughout the liquid gas supply chain, from purification and liquefaction to distribution, storage, and end-use applications. The company is organized into three segments: Distribution and Storage (D&S), Energy and Chemicals (E&C), and BioMedical. Chart's D&S segment manufactures cryogenic storage systems used
