Bulletin: Bausch Health Cos. Inc. 's Deleveraging Story Is Intact, Despite COVID-19 Revenue Impact

TORONTO (S&P Global Ratings) May 7, 2020—S&P Global Ratings said its ratings and outlook on Bausch Health Cos. Inc. (B+/Stable/--) are unchanged following Bausch's release of its first-quarter earnings, which were negatively affected by the ongoing COVID-19 pandemic. The company also widened its 2020 guidance on the downside, lowering the lower end of its revenue guidance for the year by $850 million ($7.80 billion to $8.20 billion from $8.65 to $8.85 billion) due to the continued uncertainty of the pandemic. However, we believe Bausch Health's credit story remains largely intact. We had raised our rating on the company, to 'B+' from 'B', in December 2019, due mainly to our projections of continued strong annual free cash flow generation in excess

...May 7, 2020 TORONTO (S&P Global Ratings) May 7, 2020--S&P Global Ratings said its ratings and outlook on Bausch Health Cos. Inc. (B+/Stable/--) are unchanged following Bausch's release of its first-quarter earnings, which were negatively affected by the ongoing COVID-19 pandemic. The company also widened its 2020 guidance on the downside, lowering the lower end of its revenue guidance for the year by $850 million ($7.80 billion to $8.20 billion from $8.65 to $8.85 billion) due to the continued uncertainty of the pandemic. However, we believe Bausch Health's credit story remains largely intact. We had raised our rating on the company, to 'B+' from 'B', in December 2019, due mainly to our projections of continued strong annual free cash flow generation in excess of $1 billion, based on the company's diverse business portfolio led by its pharmaceutical franchise, Salix (Xifaxin), increased visibility of its de-leveraging trajectory, and the continued settlement of legacy business issues, such...

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