Moody’s revises Valeant to stable

Moody's Investors Service said it affirmed the ratings of Valeant Pharmaceuticals International, Inc., including the Ba3 corporate family rating, Ba3-PD probability of default rating, Ba1 senior secured ratings and B1 senior unsecured ratings.

The outlook was revised to stable from developing.

This action follows recent developments in Valeant's offer to acquire Allergan, Inc., including the announcement that Allergan entered into a definitive merger agreement with Actavis, Inc. This was followed recently by Valeant's formal cancellation of its offer.

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