The ratings on Aliso Viejo, Calif.-based specialty pharmaceutical company Valeant Pharmaceuticals International reflect the uncertain success of the company's ongoing restructuring efforts to improve sales and earnings growth and its aggressive financial profile. Despite the company's diverse product portfolio and adequate liquidity, a shift in operational strategy continues to test current management. Valeant manufactures and distributes a wide range of pharmaceutical products globally. Through its recent restructuring activities, the company has refocused its product portfolio on its dermatology and neurology franchises and narrowed its geographic footprint. Recent developments include a partnership with GlaxoSmithKline on the development and commercialization of retigabine (epilepsy), the purchases of Dow Pharmaceuticals and Coria Laboratories for $285 million and $95 million, respectively, and the sale of
