-- U.S. specialty pharmaceutical manufacturer Valeant Pharmaceuticals International continues to improve its business focus and cash flow generation through restructuring initiatives and cost control. -- We are assigning a rating of 'B+' to the company's new $300 million senior unsecured notes maturing 2016. The recovery rating is '3'. -- We are lowering Valeant's subordinated 3% and 4% convertible notes to 'B-' from 'B+'. The recovery rating is being lowered to '6' from '4'. -- We are revising Valeant's outlook to positive from stable to reflect the aforementioned improvement to the firm's credit profile. On May 28, 2009, Standard&Poor's Ratings Services assigned a rating of 'B+' and a '3' recovery rating to Aliso Viejo, Calif.-based Valeant Pharmaceuticals International's new
