...- The previously announced acquisition of Momentive Performance Materials Inc. by a Korean consortium including KCC Corp. for $3.1 billion closed May 15, 2019, leading to ownership changes at Momentive. - As part of the transaction, Momentive issued a $300 million asset-based lending (ABL) facility (unrated), a first-lien credit facility, which now consists of a $750 million (previously $839 million) senior secured term loan B due 2024 and a new $78 million euro tranche, and an (unrated) $839 million Korean bank loan, guaranteed by KCC Corp. - Momentive has redeemed all existing debt, including its first- and second-priority senior secured notes due 2021 and 2022, so we are withdrawing our ratings on this debt. - We are raising the issuer credit rating to '##-' from 'B+' given our view that Momentive will receive some level of group support from the higher-rated KCC Corp. At the same time, we are raising our issue-level rating on the company's first-lien secured credit facility to '##-'...
