...NEW YORK (S&P Global Ratings) Nov. 8, 2018--S&P Global Ratings today affirmed its '##-' issue-level rating and '1' recovery rating on Bausch Health Companies Inc.'s (formerly Valeant Pharmaceuticals International Inc.) senior secured term loan B due in 2025, issued by wholly owned subsidiary Valeant Pharmaceuticals International, with a proposed $750 million add-on. The debt is rated the same as the company's existing senior secured debt. The add-on is part of an announced plan by Bausch Health to refinance $1.5 billion outstanding in unsecured debt maturing in 2021 with a combination of $1.5 billion in senior secured term loan and senior secured notes (unrated). Our issuer credit rating remains 'B' with a stable outlook. We also affirmed all other ratings on Bausch Health, including our '##-' senior secured rating and 'B-' senior unsecured debt ratings. Our '##-' rating and '1' recovery rating on Bausch Health's senior secured debt reflects our expectations for very high (90%-100%; rounded...
