Moody’s rates Valeant notes Caa1

Moody’s Investors Service said it assigned a Caa1 rating to the proposed $1.25 billion senior notes of Valeant Pharmaceuticals International Inc.

Valeant's existing ratings remain, including the B3 corporate family rating, B3-PD probability of default rating, Ba3 (LGD 2) senior secured rating, Caa1 (LGD 4) senior unsecured rating and SGL-2 speculative grade liquidity rating.

The outlook is stable.

Proceeds will be used to fund a tender offer for some tranches of notes due 2020 and 2021.

“The transaction is leverage-neutral, but credit positive based on a modest extension of Valeant's debt maturity profile,” Moody’s said in a news release.

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