BOSTON (Standard&Poor's) June 5, 2012--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' issue-level rating and '1' recovery rating to Montreal-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s incremental $500 million term loan B due Feb. 13, 2019. All other ratings, including the 'BB' corporate credit rating, remain unchanged. The company intends to use the proceeds from this issuance, which will increase pro forma leverage to about 3.9x—in line with our expectations, for general corporate purposes. The ratings on Valeant reflect Standard&Poor's view that the company will maintain a "significant" financial risk profile. Despite our expectation of acquisition activity, we believe the company will only commit to acquisitions that do not result in leverage
