OVERVIEW Montreal-based Valeant Pharmaceuticals International Inc. is acquiring Rochester, NY-based Bausch&Lomb for $8.7 billion using a combination of equity and debt. Adjusted leverage will be about 5.8x, excluding synergies, a sharp departure from our expectation that leverage would decline this year. We are placing our ratings, including our 'BB' corporate credit rating, on CreditWatch with negative implications. BOSTON (Standard&Poor's) May 28, 2013--Standard&Poor's Ratings Services said today it placed its ratings, including its 'BB' corporate credit rating, on Valeant Pharmaceuticals International Inc. on CreditWatch with negative implications, after the company announced its acquisition of Bausch&Lomb in a partially debt funded transaction. "The CreditWatch placement reflects the possibility of a downgrade and the substantial
