NEW YORK (S&P Global Ratings) Nov. 8, 2016--S&P Global Ratings said today its ratings and outlook on Valeant Pharmaceuticals International Inc. (B/Stable/--) are unchanged following the company's weak earnings report for the third quarter and lowered guidance for 2016. The company also indicated 2017 performance will likely be weaker than in 2016, because of the loss of exclusivity on certain neurology products. This contrasts with our prior expectation that 2017 would be materially stronger than 2016, given that 2016 has been a year of significant turbulence and transition for the company. This represents a significant deterioration from our expectations and we are lowering our 2017 EBITDA estimate to $3.9 billion (from $4.9 billion), and revising our 2017 estimate of adjusted
