Standard&Poor's Ratings Services' ratings on Albany, N.Y.-based Momentive Performance Materials Inc. (MPM) reflect a highly leveraged financial profile, an aggressive financial policy, and a fair business risk profile as a global producer of silicones and quartz. Since controlling shareholder Apollo Global Management LP placed MPM and Momentive Specialty Chemicals Inc. (MSC; B-/Stable/--) under a single holding company on Oct. 1, 2010, Standard&Poor's Ratings Services assesses the two companies' credit quality in a manner that recognizes their shared parentage. This is despite each company maintaining a separate capital structure. We believe that the merger will benefit credit quality only modestly. Following a recent successful note offering to refinance some existing debt, total adjusted debt at MPM is
