-- Silicones producer Momentive has received approval from its revolving credit facility lenders for a waiver of the senior secured leverage covenant for the next two quarters. -- In addition, management has indicated that in the third quarter of 2009 earnings have strengthened meaningfully from weak first- and second-quarter levels. -- We are placing all of our ratings on Momentive and its subsidiaries, including the 'CCC-' corporate credit rating, on CreditWatch with positive implications. -- We expect to resolve the CreditWatch within the next few weeks after discussions with management and forming a view regarding the sustainability of the earnings improvement and prospects for business conditions, earnings, cash flow, and liquidity during the next several quarters and covenant compliance following
