On Jan. 17, 2013, Standard&Poor's Ratings Services assigned Montreal-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s proposed $2,114 million term loan A (tranche A-1) its 'BBB-' issue-level rating, with a recovery rating of '1', reflecting our expectation for very high (90%-100%) recovery in the event of a payment default. The terms for the term loan A (tranche A-1), including the maturity on April 20, 2016, are unchanged. The rating on Montreal-based Valeant Pharmaceuticals International Inc. reflects our belief that the company has an aggressive financial risk profile. At Sept. 30, 2012, adjusted leverage (pro forma for Medicis) was about 5x. We believe the company will use some of its strong cash flows to reduce adjusted leverage to 4x by
