U.S. specialty pharmaceutical manufacturer Valeant completed the acquisition of Ontario-based competitor Biovail Corp. Valeant also recently announced two acquisitions: the acquisition of Switzerland-based PharmaSwiss, and the Canadian and remaining U.S. rights to dermatology product Zovirax. We are assigning a 'BB+' issue-level rating and '1' recovery rating to the company's senior secured credit facility, which consists of a $125 million revolving credit facility and a $1 billion term loan A. We are also assigning a 'BB-' issue-level rating and '4' recovery rating to the company's $500 million 6.75% notes due 2017 and $700 million 7% notes due 2020. In addition, we are affirming our 'BB-' corporate credit rating on the company and the 'B' issue-level rating and '6' recovery rating on
