Silicone and quartz producer Momentive Performance Materials Inc. (MPM)'s EBITDA is not recovering to the degree we had anticipated. As a result, we expect the company to continue to generate negative free operating cash flow, causing liquidity to dwindle. We are lowering all our ratings on MPM by one notch, including the corporate credit rating to 'CCC-' from 'CCC'. The negative outlook indicates that another downgrade would occur in the event of a payment default or debt restructuring. On Feb. 11, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on Albany, N.Y.- based Momentive Performance Materials Inc. (MPM) to 'CCC-' from 'CCC'. The outlook is negative. At the same time, we lowered the rating on MPM's first-priority
