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 (based on our criteria). We view Chart's financial profile as "significant". We believe Chart's leverage metrics and coverage ratios will remain at levels consistent with the current ratings in 2012, given our expectation of strong market conditions in the near term and the company's considerable backlog. As of Dec. 31, 2011, the company had approximately $273 million of debt, including our analytical adjustments for operating leases,
