Moody’s might lift Momentive

Moody's Investors Service said it put Momentive Performance Materials Inc.'s Caa1 corporate family rating and Caa1-PD probability of default rating under review for upgrade.

The agency also the Caa1 rating on Momentive's $1.1 billion 3.88% first-lien senior secured notes due 2021 and Caa3 rating on its $202 million 4.69% second-lien senior secured notes due 2022 placed under review for upgrade.

Moody’s said the review was prompted by both Momentive's improved business fundamentals and the announcement of initial public offering (IPO) by MPM Holdings Inc., the parent company of Momentive, on Nov. 6.

Proceeds from the IPO will be used to redeem substantially all of the company’s outstanding second-lien notes and repay $36 million debt at its Chinese subsidiary.

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