Moody's upgrades Probability of Default Rating for Valeant
Moody's confirmed certain ratings of Valeant Pharmaceuticals and subsidiaries, including the Corporate Family Rating at B2, the senior secured bank credit facilities at Ba2 and the senior unsecured rating at B3. At the same time, Moody's upgraded the Probability of Default Rating to B2-PD from Caa1-PD, and affirmed the Speculative Grade Liquidity Rating at SGL-4. The action concludes Moody's rating review related to Valeant's late annual filing. The rating outlook is negative. "The filing of Valeant's 10-K significantly reduces the potential for debt acceleration, resulting in an upgrade of the Probability of Default Rating to B2-PD from Caa1-PD," stated Michael Levesque, Moody's Senior Vice President. "However, significant challenges related to stabilizing operations and generating sustainable earnings growth without large acquisitions result in a negative rating outlook," continued Levesque
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