...NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings said today that its ratings on Valeant Pharmaceuticals International Inc., including our 'B' corporate credit rating, are not affected by news that Valeant intends to issue a $750 million add-on to its existing 5.5% senior secured notes due 2025. The rating on Valeant's secured debt remains '##-' with a '1' recovery rating, indicating our expectations for very high (90%-100%; rounded estimate: 95%) recovery to secured lenders in the event of payment default. The proposed transaction is leverage neutral, with proceeds earmarked to repay $750 million of the company's existing term loan F. Our 'B' corporate credit rating and stable outlook continues to reflect our expectation that Valeant's debt leverage will remain above 7x over the next two years, though the company will continue to generate substantial free cash flow (aided by a low tax rate). It also reflects our favorable view of Valeant's substantial scale and revenue diversity,...
