S&P downgrades Valeant, debt

Standard & Poor's said it lowered its corporate credit rating on Valeant Pharmaceuticals International Inc. to B+ from BB-.

The outlook is negative.

At the same time, the agency lowered its rating on the senior secured debt to BB from BB+ and its rating on the senior unsecured debt to B- from B. The recovery rating of 1 on the secured debt and 6 on the unsecured debt remain unchanged.

"Given the multitude of legal, regulatory, and reputational issues that Valeant faces, we are revising our assessment of management and governance to 'weak' from 'fair,' which is the primary driver of the ratings downgrade," S&P credit analyst David Kaplan.

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