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S&P rates Valeant loan BBB-, notes BB-
Standard & Poor's said it assigned its BBB- issue-level rating and 1 recovery rating to Valeant Pharmaceuticals International Inc.'s proposed $1 billion term loan B due 2019.
The 1 recovery rating reflects an expectation of very high recovery in the event of payment default.
At the same time, the agency said it assigned its BB- issue-level rating and 5 recovery rating to wholly owned subsidiary Valeant Pharmaceuticals International's proposed $2.25 billion of senior unsecured notes due 2020 to 2022. The 5 recovery rating reflects an expectation of modest recovery in the event of payment default.
All other ratings, including the BB corporate credit rating, remain unchanged.
S&P said the rating reflects its belief that Valeant remains committed to a significant financial risk profile. The agency also noted its affirmation of the company on Sept. 5 because of a modest increase in adjusted pro forma leverage.
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