Diverse product portfolio, enhanced through acquisitions; and Strong liquidity, with no sizable near-term debt maturities. Product portfolio dominated by small products; and Will continue to rely heavily on product acquisitions for growth. The ratings on Valeant reflect its fair business risk profile, which reflects a continued reliance on acquisitions for growth and a weak internal research and development (R&D) program. It also reflects its aggressive financial risk profile. These factors outweigh the benefits of a broader product portfolio attained from the recently closed merger with Biovail Corp. (unrated) and the pending acquisition of PharmaSwiss. Valeant's fair business risk profile reflects the increased portfolio diversity and expanded pipeline that results from its merger with Biovail. Valeant Pharmaceuticals is now composed of
