A broad product portfolio. Geographic diversification. Expanded pipeline from multiple acquisitions. Challenges associated with managing a very large portfolio of small products. High levels of acquisitions will sustain adjusted leverage in the 4x-5x range. Our stable rating outlook on pharmaceutical company Valeant primarily reflects our expectation of mid- to high-single-digit organic growth, continued tuck-in acquisition activity, and free cash flow growth that the company will use for debt reduction. We expect that debt reduction and EBITDA growth will result in reported leverage declining to about 4x by the end of 2013. We could lower our rating if Valeant sustains leverage at more than 4x over the next 12 months. This would most likely occur if revenue and EBITDA growth from
