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S&P rates Momentive notes B, B-
Standard & Poor's said it assigned a B- corporate credit rating to Momentive Performance Materials Inc. (MPM).
The outlook is stable.
At the same time, the agency assigned a B issue rating and 2 recovery rating to the company's $1.1 billion 3.88% first-priority senior secured notes due 2021.
In addition, S&P assigned a B- issue rating and 4 recovery rating to Momentive’s $250 million 4.69% second-priority senior secured notes due 2022.
"The ratings reflect what we regard as MPM's 'vulnerable' business risk profile and 'highly leveraged' financial risk profile," S&P credit analyst Paul Kurias said in a news release.
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