NEW YORK (Standard&Poor's) July 31, 2008--Standard&Poor's Ratings Services revised its issue-level and recovery ratings on Valeant Pharmaceuticals International's convertible subordinated debt issues. The issue-level rating was revised to a 'B+' (the same as the corporate credit rating) from 'B-'. The recovery rating on the company's convertible subordinated debt issue was revised to '4', indicating an expectation for an average (30% to 50%) recovery for convertible subordinated debt holders in the event of a payment default, from '6'. The recovery rating change stems from the company's notice of full redemption of the $300 million in 7% senior notes which is deemed senior to the convertible subordinated notes, said Standard&Poor's credit analyst Brian Jones. The absence
