Albany, N.Y.-based silicone and quartz producer Momentive Performance Materials Inc. (MPM) plans to replace its existing revolving credit facility with a new $300 mil. asset-based revolving loan (ABL) facility. MPM Escrow LLC and MPM Finance Escrow Corp., wholly-owned, special-purpose subsidiaries of MPM, plan to jointly issue $1.1 billion of first priority senior secured notes due 2020 for refinancing. We are assigning a 'CCC+' senior secured debt rating and a '2' recovery rating to these notes. We are affirming our 'CCC' corporate credit rating on MPM. We are placing our 'CCC' rating on the company's 1.5 lien notes on CreditWatch with negative implications and affirming all our other ratings. The negative outlook reflects our view that the company's debt load is
