Mississauga, Ontario-based Valeant Pharmaceuticals International is issuing $950 million of senior unsecured notes due 2016 and $550 million of senior unsecured notes due 2022. We are assigning a 'BB-' issue-level and '4' recovery rating to the aggregate $1.5 billion of senior unsecured notes. We are affirming our 'BB-' corporate credit rating, the 'BB+' senior secured issue-level rating on Valeant's senior secured credit facility, the 'BB-' senior unsecured rating, which takes into consideration the new notes, and the 'B' issue-level rating on the subordinated notes. We will withdraw the rating on the existing senior secured credit facility once this transaction closes. Additionally, the recovery ratings, including the '4' recovery rating on the company's senior unsecured notes, which includes the proposed notes
