NEW YORK (Standard&Poor's) March 10, 2015—Standard&Poor's Ratings Services today assigned its 'B' issue-level ratings to Laval, Quebec-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s proposed issuance of about $9.6 billion of unsecured notes with various maturities. We assigned a recovery rating of '6' to these notes, reflecting our expectation for negligible recovery (0% to 10%) on these obligations in the event of a payment default. The company plans to use the proceeds of this new debt for the acquisition of Salix Pharmaceuticals Ltd. Our 'BB-' corporate credit rating on Valeant reflects our assessment of the company's business risk as "satisfactory" and the financial risk profile as "aggressive". The outlook is stable. The satisfactory business risk assessment reflects
