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S&P lifts Valeant secured debt
Standard & Poor’s said it raised the rating on Valeant Pharmaceuticals International Inc.’s secured debt to BB+ from BB and revised the recovery rating on the debt to 1 from 2.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The ratings also were removed from CreditWatch, where it was placed with positive implications in February.
The upgrade reflects improved recovery prospects for secured lenders following the close of the Salix Pharmaceuticals Ltd. acquisition, as the secured debt is now a smaller proportion of the total debt, S&P said.
The company’s corporate credit rating of BB- is unchanged.
The outlook is stable.
The ratings reflect an expectation for stable performance from Valeant’s existing businesses, S&P said, and that the company will manage its aggressive acquisition-driven growth strategy.
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