NEW YORK (S&P Global Ratings) Aug. 3, 2021--Bausch Health Cos. Inc. (BHC; 'B+/Negative') reported solid second-quarter results, which are upstaged by two major announcements. The Solta Medical IPO announcement was a surprise to us and added more uncertainties to the Bausch + Lomb (B+L) spin-off. Additionally, the expected leadership announcement for Bausch Pharma provided some early clarity to the market, though the company has yet to detail its strategy. We view the operating performance as in line with expectations, given solid recovery from the COVID-19 pandemic.