Very diverse product portfolio; and Solid cash-on-hand and manageable debt maturities over the intermediate term. Portfolio dominated by small products, with limited sales potential; Genericized products (Efudex) and pipeline setbacks (taribavirin, formerly known as viramadine) have placed heavy reliance on successful product acquisitions and partnerships to lift the company's weak credit protection measures; and Limited track record of R&D success. 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
