Moody's affirms Valeant Pharmaceuticals

Moody's Investors Service said it affirmed the ratings of Valeant Pharmaceuticals International, including the B1 corporate family rating and B1 senior notes due 2011.

At the same time, Moody's said it revised Valeant's outlook to negative from stable.

These rating actions follow the recent announcement of mixed results from the Viser1 phase 3 trial of Viramidine, Valeant's experimental hepatitis C treatment, the agency noted.

The affirmation of Valeant's B1 rating reflects the company's $235 million of cash and short term investments as of Dec. 31 and the agency said the cash cushion helps to offset relative weak ratios of cash flow from operations to debt.

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