NEW YORK (Standard&Poor's) Oct. 24, 2006--Standard&Poor's Ratings Services today placed its ratings on Costa Mesa, CA.-based Valeant Pharmaceuticals International, including Valeant's 'BB-' corporate credit rating, on CreditWatch with negative implications. "The rating actions follow the specialty pharmaceutical company's announcement that it does not expect to file its Form 10-Q for third-quarter 2006 by the filing date," said Standard&Poor's credit analyst Arthur Wong. "The delay is attributed to the company's need to restate its financials, possibly as far back as 1997, due to errors in accounting for stock option grants." A Valeant board of directors-appointed special committee is still conducting its review, and the magnitude of the restatements has not yet been determined. Valeant was
