NEW YORK (Standard&Poor's) Dec. 5, 2013— Standard&Poor's Ratings Services today assigned its 'BB' issue-level ratings to Laval, Quebec-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s proposed $3,176 million senior secured term loan B series E, $1,695 million secured term loan A-1, and $765 million secured term loan A-2. We assigned a recovery ratings of '2' to these loans, reflecting our expectation for substantial (70%-90%) recovery on these obligations in the event of a payment default. The company is issuing these obligations as part of a leverage-neutral refinancing transaction. The proposed term loan B (series E) matures on Aug. 5, 2020, and is substantially unchanged except for the lower expected interest rate. We expect the maturity on all
