Mississauga, Ontario-based Valeant Pharmaceuticals International is issuing $650 million of senior unsecured notes due 2021 to fund two acquisitions. The issue-level rating on the proposed $650 million of notes is 'BB-' with a recovery rating of '4'. We are affirming our 'BB-' corporate credit rating. We are also affirming the preliminary 'BB+' senior secured issue-level rating and the 'BB-' senior unsecured rating, which takes into consideration the new notes. We are also affirming the 'B' issue-level rating on the subordinated notes. At the same time, we are revising the recovery rating on the senior unsecured notes to '4' from '3', reflecting the dilution in value from the increase in unsecured debt. The stable outlook reflects our expectation that Valeant will
