S&P upgrades Salix

Standard & Poor’s said it raised the corporate credit rating on Salix Pharmaceuticals Ltd. to BB- from B.

The outlook is stable.

The agency also subsequently withdrew all of the ratings, including all issue-level ratings, on Salix.

The rating actions follow the completion of Valeant’s acquisition of Salix for $14.5 billion, S&P said, and the retirement of all rated Salix debt.

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