S&P drops Momentive

Standard & Poor's said it lowered its ratings on Momentive Performance Materials Inc. and its subsidiaries by one notch, including its corporate credit rating on Momentive to B- from B.

The outlook is stable.

The recovery ratings remain unchanged, the agency said.

"The downgrade reflects concerns that Momentive's heavy debt burden will make it difficult to generate positive free operating cash flow in the current weak economic environment," said S&P credit analyst Cynthia Werneth.

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