S&P rates Momentive notes CCC

Standard & Poor's said it assigned a CCC senior secured debt rating to Momentive Performance Materials Inc.'s proposed offering of senior secured notes due 2017 with 6 recovery rating.

The company is also seeking to extend the maturity of a portion of its senior secured credit facilities.

"The ratings on the proposed notes are based on our expectation that at least 80% of lenders will agree to extend maturities," S&P analyst Cynthia Werneth said in a statement.

The CCC+ corporate credit rating remains on CreditWatch with positive implications.

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