CENTENNIAL (S&P Global Ratings) March 13, 2023--S&P Global Ratings today assigned its 'B+' issue-level rating and '3' recovery rating to Momentive Performance Materials Inc.'s (MPM) proposed $850 million first-lien term loan due in 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. We expect the company will use proceeds to repay its existing first-lien term loan facility and for fees and expenses related to the refinancing. We based our rating on preliminary terms and conditions. Concurrent with its first-lien term loan refinancing, we expect MPM will complete the refinancing of its second-lien term loan facility with its Korean banking group. Our 'B+' issuer credit rating and stable
