Diverse product portfolio, enhanced through recent acquisitions; and Adequate liquidity and manageable debt maturities. Product portfolio dominated by small products, with somewhat limited sales potential; Will continue to be highly reliant on product acquisitions for growth; and Products that have converted to generic (e.g., Efudex) and some pipeline setbacks have placed heavy reliance on product acquisitions to further strengthen credit metrics. The ratings on Aliso Viejo, Calif.-based specialty pharmaceutical company Valeant Pharmaceuticals International reflect product and pipeline setbacks that have required the company to make substantial management and operational changes over the past two years. The need to replace lost revenue streams through acquisitions and a weak internal R&D program continue to outweigh Valeant's diverse product portfolio and adequate liquidity.
