Silicone and quartz producer Momentive Performance Materials Inc. (MPM) announced that it has filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code. We are lowering our corporate credit rating on MPM to 'D' from 'CC' We are lowering our issue-level ratings on the company's debt to 'D '. On April 16, 2014, Standard&Poor's Rating Services lowered its corporate credit rating on Albany, N.Y.- based Momentive Performance Materials Inc. to 'D' from 'CC'. At the same time, we lowered all issue ratings on MPM to 'D' from 'CCC-' on the first lien notes and 'C' on the 10% senior secured notes due 2020 (the 1.5-lien notes), second-priority notes, and subordinated notes. The recovery rating on the company's
