NEW YORK (Standard&Poor's) Nov. 15, 2013--Standard&Poor's Ratings Services today assigned its 'B' issue-level rating to Laval, Quebec-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s proposed $850 million senior unsecured notes. We assigned a recovery rating of '6' to the notes, reflecting our expectation for negligible (0%-10%) recovery on these notes in the event of a payment default. The company will use proceeds, along with balance sheet cash, borrowings under its revolver, or a combination of these, to redeem the $915.5 million 6.5% senior unsecured notes due 2016. Our 'BB-' corporate credit rating on Valeant reflects our view that the company's financial risk profile is "highly leveraged" and business risk profile is "satisfactory". The highly leveraged financial risk
