On April 29, 2016, Valeant Pharmaceuticals International Inc. filed its 10-K for fiscal year-ended Dec. 31, 2015. The default under the reporting covenant in the company's senior notes indentures was cured in all respects by the filing of the 10-K. The company also announced that it is in full compliance with its credit agreement. We are revising the CreditWatch implications on the 'B' corporate credit rating and 'BB-' secured debt rating to positive from developing. The recovery rating on the secured debt remains '1'. The 'B-' rating on the unsecured debt remains on CreditWatch with developing implications. The recovery rating on the unsecured debt remains '5'. The positive CreditWatch placement on the corporate credit rating and secured debt reflects the
