CLEVELAND, Aug. 20, 2008 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) today announced that Standard & Poor's (S&P) raised all credit ratings on the Company as follows:
* Corporate credit rating to BB- from B+ * Senior secured rating to BB+ from BB * Subordinated debt rating to B+ from B
The corporate credit rating is an indication of the Company's general credit strength, and is not assigned to a specific debt issue.
Advising a rating outlook of "stable," S&P commented "that the credit rating upgrade reflects continued strong operating performance, a significant reduction in leverage, and expectations for solid results to persist over the near term, given the Company's backlog."
"We are pleased with the S&P upgrade, which validates our operating and financial achievements to date," stated Sam Thomas, Chart's Chairman, Chief Executive Officer and President. "We continue to focus on booking new business, building backlog, and delivering 'world-class' products that consistently meet or exceed our customers' expectations."
Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located in eight states and an international presence in Australia, China, the Czech Republic, Germany and the United Kingdom.
For more information, click here:
http://www.chart-ind.com/investor_relations.cfm/?b=1444&I=1 or see Standard & Poor's press release at: http://uk.reuters.com/article/oilRpt/idUKWNA929920080815