NEW YORK (S&P Global Ratings) Nov. 18, 2020— S&P Global Ratings today assigned its 'B' issue-level rating and '5' recovery rating to Bausch Health Companies Inc.'s proposed multi-tranche $1.75 billion senior unsecured notes offering maturing 2029 and 2031 The '5' recovery rating indicates our expectations for modest (10%-30%; rounded estimate: 25%) recovery in the event of a payment default. The company plans to use the proceeds from this offering and cash on hand to redeem its EUR1.5 billion notes due 2023 and pay related fees and expenses. Our 'B+' issuer credit rating is unchanged, reflecting the company's substantial scale and good revenue diversity. It also reflects our expectation that Bausch's leverage will remain above 6x over the next two years.
