U.S.-based silicone and quartz producer Momentive Performance Materials Inc. (MPM) emerged from bankruptcy Oct. 24, 2014. One of the world's three largest silicone producers, with a significant manufacturing presence on three continents. Weak management and governance assessment based, in part, on the very aggressive financial policies of the financial sponsor. High reliance on raw material costs, which can be volatile. Debt to EBITDA of about 10x through 2016. We expect liquidity to remain adequate. The stable outlook indicates Standard&Poor's Ratings Services' expectation of a modest revenue increase during the next few years, reflecting Momentive Performance Materials Inc.'s silicone volume growth, somewhat offset by continued competitive pricing due to industry oversupply, and the need for quartz market conditions to
