April 14 (Reuters) - S&P:
* Valeant Pharmaceuticals International Inc (NYSE:VRX). 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 (NYSE:SQ)'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 - Newsroom)