The rating on Aliso Viejo, Calif.-based specialty pharmaceutical company Valeant Pharmaceuticals International reflects the uncertain success of the company's ongoing restructuring efforts to improve sales and earnings growth, and the continued competitive environment in the therapeutic classes in which the company competes. These factors are somewhat offset by Valeant's diverse product portfolio and adequate liquidity. Valeant manufactures and distributes a wide range of pharmaceutical products in the North American, European, and Latin American markets. The company's portfolio consists largely of branded and branded-generic niche products in a variety of therapeutic classes, including dermatology, neurology, and infectious disease. While this diversity helps mitigate product risk, the company has few standout products, and sales growth has been tepid. Moreover, the breadth and
