Momentive Performance Materials Inc. Nov 10
Standard & Poors, November 2010
Abstract
Among the leading global producers in the highly concentrated silicones market, with good diversification by customers, products, and regions; An improved cost position following recent restructuring; and Relatively favorable long-term growth prospects for silicones. Debt leverage that is improving, but is expected to remain high; Expected thin free cash flow after 2010, which could impede business reinvestment and harm long-term competitiveness; Business cyclicality; and Reduced, but still meaningful, refinancing risk within the next few years. The ratings on Albany, N.Y.-based Momentive Performance Materials Inc. (MPM) reflect a highly leveraged financial profile (despite a steady decline in debt leverage during the past several quarters), an aggressive financial policy, and a fair business risk profile as a global producer of silicones and...
Companies mentioned in this report are: Momentive Performance Materials Inc.,Momentive Specialty Chemicals Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Momentive Performance Materials Inc.,Momentive Specialty Chemicals Inc.
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