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 scale, and an uneven revenue stream in the company's energy and chemicals segment. Our ratings on Chart also incorporate its modest capital spending, improving product and geographic diversification, and adequate liquidity. Chart manufactures equipment used for low-temperature and cryogenic applications for energy, industrial gas, and biomedical customers. Its products can be found throughout the liquid gas supply chain, from purification and liquefaction to distribution, storage, and end-use applications, although many of its products serve niche markets. 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
