NEW YORK (Standard&Poor's) Jan. 15, 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 $1 billion of senior unsecured notes maturing 2023. We assigned a recovery rating of '6' to these notes, reflecting our expectation for negligible (0% to 10%) recovery on these obligations in the event of a payment default. The company is also upsizing its $1 billion revolver by $500 million and upsizing its term loan A-3 by $250 million. Our issue-level ratings on the secured debt remain 'BB' and our recovery rating of '2' on these obligations reflects our expectation for substantial (70% to 90%) recovery on these obligations in the
