OVERVIEW Albany, N.Y.-based silicone and quartz producer Momentive Performance Materials Inc. (MPM) has completed a first-priority notes offering and related refinancing of certain debt. We are affirming our 'CCC' corporate credit rating on MPM. We are lowering our rating on the company's 1.5 lien notes to 'CC' from 'CCC' and removing them from CreditWatch. We are also revising the recovery rating on these notes to '6' from '4'. We are affirming all our other issue ratings. The negative outlook reflects our view that the company's debt load is unsustainable at the current earnings level. We will likely lower the ratings in the next several quarters unless earnings improve significantly. NEW YORK (Standard&Poor's) Dec. 10, 2012--Standard&Poor's Ratings
