Moody’s cuts Momentive

Moody’s Investors Service said it downgraded Momentive Performance Materials Inc.’s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and its first-lien senior secured term loan facilities to B2 from B1.

“The downgrade of Momentive’s rating has taken into account the company’s weakened earnings, high debt leverage and liquidity constraint. At the same time, we expect Momentive’s collaboration with its majority owner, KCC Corp. will benefit its business profile and help retain financial flexibility as the market environment remains challenging,” the agency said in a press release.

Moody’s changed the outlook to negative from stable.

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