First thing I want to make clear: The title, 'Chat Moderator', counts as an Administrator.
Therefore, you need to make sure that whoever you are promoting is well enough for the job. That does not include: ◾Being nice ◾Being an old friend of yours ◾Having good connection/Being a chat moderator on another chat.
So please think before you promote. You're giving people access to a lot so you need to think before doing so.