Moody's drops Momentive

Moody's Investors Service said it lowered Momentive Performance Materials Inc.'s corporate family rating and probability of default rating to Caa1 from B3, and lowered the company's outstanding debt ratings.

These actions follow the company's weak fourth-quarter results and management's forecast for further weakness in the company's first quarter financial performance, the agency noted.

The outlook is negative.

The downgrade to a Caa1 corporate family rating reflects its expectations that the difficult market conditions faced by the company in many of its key end markets (e.g., residential housing, construction, automotive, electronics) and the global economic slowdown will continue to result in depressed sales volumes and profitability for Momentive into 2010, Moody's said.

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