Diverse product portfolio, with no product concentration, enhanced through acquistions; Minimal patent expirations over the next five years; and No significant near-term maturities. Somewhat aggressive financial policy; Will continue to rely on acquisitions for growth; and The potential for integration issues given the level of acquisition activity. The speculative-grade ratings reflect our view that Mississauga, Ont.-based pharmaceutical company Valeant Pharmaceuticals International Inc. 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 consistently above 4x, in line with that stated financial policy. Notwithstanding the benefits of a broader product portfolio and geographic diversification Valeant attained from the 2010 merger with Biovail, and
