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. We view Chart's financial profile as aggressive. As of June 30, 2011, the company had approximately $252 million of debt, including our analytical adjustments for operating leases, pension obligations, and accrued interest. As of June 30, 2011, Chart's adjusted debt-to-EBITDA ratio was 2.6x and its EBITDA to interest coverage ratio was 5.7x. We believe Chart's leverage metrics and coverage ratios could remain at levels consistent with
