BOSTON (Standard&Poor's) Dec. 1, 2011--Standard&Poor's Ratings Services said that all of the ratings on Ontario-based Valeant Pharmaceuticals International Inc. (BB/Stable/--), including the 'BBB-' senior secured issue-level rating, are not affected by the company's announcement that it will borrow an incremental $350 million under its term loan A. The loan will partly fund the acquisition of Australia-based pharmaceutical company iNova, which Valeant recently agreed to acquire for A$625 million. We expect pro forma leverage for this transaction to approximate 3.7x. The ratings on Valeant reflect our view that the company will maintain a significant financial risk profile. Despite expected acquisition activity, we believe the company will only commit to acquisitions that do not result in leverage that
