...- The global economic recession in 2020 will likely hurt demand and earnings at U.S.-based silicone manufacturer Momentive Performance Materials Inc., leading to credit measures that are significantly weaker than previous expectations. - S&P Global Ratings is lowering its issuer credit rating on the company to 'B' from 'B+'. The outlook is negative. - At the same time, we are lowering our rating on the company's senior secured credit facility to 'B' from 'B+'. The '3' recovery rating is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. - The negative outlook reflects the potential that we will lower our rating on Momentive in the next 12 months if siloxane prices remain depressed for an extended period, combined with continued weakness in the auto sector, such that it becomes evident the company's credit measures will not improve going into 2021....
