Momentive Performance Materials Inc. has continued to improve earnings and profitability through a shift toward higher-margin specialty silicones and silanes. As part of the previously announced acquisition by a Korean Consortium, Momentive plans to issue a $300 million asset-based lending (ABL) facility, a new $839 million senior secured term loan B due 2024, and a new $839 million Korean bank loan that will be guaranteed by KCC Corp. (BBB/Watch Neg/--). Momentive plans to repay all existing debt as part of the transaction. On April 1, 2019, S&P Global Ratings raised its issuer credit rating on Momentive to 'B+' from 'B' and placed the rating on CreditWatch with positive implications. At the same time, we raised the issue-level ratings on the
