BRIEF-S&P says Valeant corporate credit rating lowered to 'B' from 'B+'

Thu Apr 14, 2016 12:52am EDT
 
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April 14 (Reuters) - S&P:

* Valeant Pharmaceuticals International Inc. corporate credit rating lowered to 'B' from 'B+' and placed on watch developing

* Lowered rating on valeant pharmaceuticals international inc secured debt to 'BB-' from 'BB'

* Downgrade reflects an escalation in the risk of a near-term default if Valeant is unable to file its 10-K

* Downgrade reflects escalation in the risk of a near-term default if Valeant unable to negotiate consent with bondholders over the next 2 months

* Continue to believe value of Valeant's assets likely exceeds total debt outstanding and view that as supportive of creditworthiness

* Believe Ackman,Pershing Square's interests, predominantly aligned with shareholders, may be contributing to Valeant's financial policies

* Believe there is greater risk that Valeant may be unsuccessful in consent/waiver with bondholders than it was with bank debt Source text - (bit.ly/1VqXsdc) (Bengaluru Newsroom)