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S&P downgrades Valeant
Standard & Poor’s said it lowered the corporate credit ratings on Valeant Pharmaceuticals International Inc. to B from B+ and placed both the corporate credit rating and the issue-level ratings on CreditWatch with developing implications.
S&P also said it lowered the rating on the secured debt to BB- from BB. The recovery rating on the secured debt is 1, reflecting 90% to 100% expected default recovery.
The B- rating on the unsecured is unchanged.
S&P also said it revised the recovery rating on this debt to 5, indicating 10% to 30% expected default recovery, from 6.
The downgrades reflect an escalation in the risk of a near-term default if the company is unable to file its 10-K and is unable to negotiate consents with bondholders over the next two months, the agency said.
S&P said it is encouraged by Valeant’s unwavering expectation to file the 10-K by April 29, along with the company’s indications that it remains on track to do so.
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