Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated - S&P Global Ratings’ Credit Research

Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated

Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated - S&P Global Ratings’ Credit Research
Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated
Published Feb 22, 2019
4 pages (1533 words) — Published Feb 22, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

TORONTO (S&P Global Ratings) Feb. 22, 2019--S&P Global Ratings today assigned its 'BB-' issue-level rating and '1' recovery rating to Bausch Health Cos. Inc.'s $500 million senior secured notes due 2027. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. At the same time, we assigned our 'B-' issue-level rating and '5' recovery rating to the $750 million senior unsecured notes due 2027 issued by the company's wholly owned subsidiary, Bausch Health Americas Inc. Bausch Health Cos. Inc. guarantees the notes. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. We also affirmed all of our

  
Brief Excerpt:

...TORONTO (S&P Global Ratings) Feb. 22, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '1' recovery rating to Bausch Health Cos. Inc.'s $500 million senior secured notes due 2027. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. At the same time, we assigned our 'B-' issue-level rating and '5' recovery rating to the $750 million senior unsecured notes due 2027 issued by the company's wholly owned subsidiary, Bausch Health Americas Inc. Bausch Health Cos. Inc. guarantees the notes. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. We also affirmed all of our existing issue-level ratings on Bausch Health, including our '##-' rating on its senior secured debt and our 'B-' rating on its senior unsecured debt. Our 'B' issuer credit rating and stable outlook on the company remain unchanged. We view...

  
Report Type:

Ratings Action

Ticker
VRX
Issuer
Bausch Health Cos. Inc.
GICS
Pharmaceuticals (35202010)
Sector
Global Issuers
Country
Canada
Region
Canada
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated" Feb 22, 2019. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bausch-Health-Cos-500-Million-Senior-Secured-Notes-Due-2027-Rated-BB-Recovery-1-Subsidiary-Notes-Also-Rated-2171269>
  
APA:
S&P Global Ratings’ Credit Research. (). Bausch Health Cos.' $500 Million Senior Secured Notes Due 2027 Rated 'BB-' (Recovery: '1'), Subsidiary Notes Also Rated Feb 22, 2019. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bausch-Health-Cos-500-Million-Senior-Secured-Notes-Due-2027-Rated-BB-Recovery-1-Subsidiary-Notes-Also-Rated-2171269>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.