S&P assigns Chart Industries convertibles B+

Standard & Poor's said it assigned a B+ rating to Chart Industries Inc.'s proposed $230 million of convertible senior subordinated notes due 2018.

A recovery rating of 5 was assigned, indicating 10% to 30% expected recovery in a default.

The proceeds will be used to redeem its senior subordinated notes due 2015, S&P said.

The ratings reflect its participation in the highly cyclical gas processing market, small size and scale and an uneven revenue stream in the company's energy and chemicals segment, the agency said.

The ratings also incorporate the company's modest capital spending, improving product and geographic diversification and solid liquidity, S&P added.

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