NEW YORK (Standard&Poor's) April 2, 2015--Standard&Poor's Ratings Services today raised its issue-level rating on Montreal-based Valeant Pharmaceuticals International Inc.'s secured debt to 'BB+' from 'BB' and revised the recovery rating on the debt to '1' from '2'. The '1' recovery rating indicates expectations of very high (90% to 100%) recovery in the event of a payment default. At the same time, we removed the issue-level rating from CreditWatch, where we placed it with positive implications on Feb. 23, 2015. "The upgrade reflects improved recovery prospects for secured lenders following the close of the Salix Pharmaceuticals Ltd. acquisition, as the secured debt is now a smaller proportion of the total debt and given that about 95% of
