NEW YORK (S&P Global Ratings) Aug. 6, 2020--Bausch Health Companies Inc. announced its intention to spin off the Bausch&Lomb business, which accounts for 43% of revenue and about 25% of 2019 EBITDA by our estimates, incorporating some dis-synergies. Our 'B+' rating and stable outlook are unchanged at this time given the lack of details around the transaction, including timing and the use of proceeds generated by the spinoff. Following the spinoff, the remaining pharmaceutical company's business profile will be weaker, given the smaller scale, lessened diversification and a loss of EBITDA (we estimate the Bausch&Lomb business contributed $0.9 billion-$1 billion in EBITDA in 2019). It remains to be seen whether the weaker business risk will be
