NEW YORK (Standard&Poor's) March 9, 2015—Standard&Poor's Ratings Services today assigned its 'BB' issue-level ratings to Laval, Quebec-based pharmaceutical company Valeant Pharmaceuticals International Inc.'s proposed issuance of $1 billion term loan A maturing in 2020 and $4.550 billion term loan B maturing 2022. At the same time, we placed these ratings on CreditWatch with positive implications. We assigned a recovery rating of '2' to these notes, reflecting our expectation for substantial recovery (70% to 90%; at the higher end of the range) on these obligations in the event of a payment default. We expect to revise the recovery rating on the company's secured debt to '1' from '2' and to raise the issue-level rating to 'BB+', from
