BOSTON (Standard&Poor's) Sept. 7, 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 proposed $1 billion term loan B due 2019. The '1' recovery rating reflects our expectation of very high (90%-100%) recovery in the event of payment default. At the same time, we assigned our 'BB-' issue-level rating and '5' recovery rating to wholly owned subsidiary Valeant Pharmaceuticals International's proposed $2.25 billion of senior unsecured notes due 2020-2022. The '5' recovery rating reflects our expectation of modest (10%-30%) recovery in the event of payment default. All other ratings, including the 'BB' corporate credit rating, remain unchanged. The company will use
