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March 16 (Reuters) - S&P:
* Valeant Pharmaceuticals International Inc. 'B+' rating placed on CreditWatch Negative
* Although Valeant states it will be able to meet financial covenants through 2016, the cushion on these covenants is diminishing
* We expect Valeant to succeed with obtaining waivers to resolve covenants in its credit agreement
* Potential for further operational deterioration due to loss of employees or diminished negotiating power with partners now that Co is weakened
* "The delay in filing its 10-K for 2015 will likely result in a violation of reporting covenants this month"
* If Valeant's performance falls short of current expectations the company could be forced to pursue a covenant waiver or asset sales Source text - bit.ly/1ROfCyp Further company coverage: [VRX.TO VRX.N]