Moody’s changes Chart Industries outlook to ‘Positive’

Chart Industries announces that Moody’s Ratings has changed the outlook on Chart’s credit ratings from “Stable” to “Positive”. Moody’s affirmed Chart’s corporate family rating of “B1”, senior unsecured rating of “B3”, senior secured notes rating of “Ba3” and senior secured bank credit facilities rating of “Ba3”. At the same time, Chart’s speculative grade liquidity rating was upgraded to SGL-2 and credit impact score was upgraded to CIS-3. These ratings actions reflect Chart’s strong backlog, outperformance of commercial and cost synergy targets associated with the Howden acquisition, and progress in deleveraging towards its 2.0X to 2.5X net leverage target as well as secular market tailwinds. “This ratings action demonstrates continued strength in our business,” stated Jill Evanko, Chart’s CEO and President. “We are committed to our financial policy of deleveraging and will not do any material cash acquisitions or share repurchases until we are in our target net leverage range of 2.0X to 2.5X.”