Quebec-based Valeant Pharmaceuticals International, Inc. is proposing a $1 billion senior secured notes issuance to finance a tender for $1 billion in senior unsecured notes across three tranches maturing in 2020. We are affirming our 'B' corporate credit rating on Valeant and our 'B-' issue-level rating on the company's senior unsecured debt. The '5' recovery rating is unchanged. We are also assigning our 'BB-' issue-level rating and '1' recovery rating to Valeant's proposed senior secured notes. The rating outlook remains stable, reflecting 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). On Oct. 2, 2017, S&P Global
