...NEW YORK (S&P Global Ratings) Dec. 4, 2017--S&P Global Ratings today assigned its 'B-' issue-level rating and '5' recovery rating to Valeant Pharmaceuticals International Inc.'s proposed $1 billion senior unsecured notes due 2025. The debt is rated the same as the company's existing unsecured debt. The company intends to use proceeds to refinance unsecured debt maturing in 2020. Our corporate credit rating remains 'B' with a stable outlook. All other ratings on Valeant, including our 'B' corporate credit rating and '##-' senior secured rating , are not affected by the company's debt issuance. Our 'B-' rating and '5' recovery rating on Valeant's unsecured debt indicates our expectations for modest (10%-30%; rounded estimate: 20%) recovery to unsecured lenders in the event of payment default. The proposed transaction is leverage neutral, with proceeds earmarked to repay $1 billion of the company's existing unsecured debt. Our 'B' corporate credit rating and stable outlook continues to reflect...
