June 7 (Reuters) - Moody's
* Affirmation reflects good cash flow and expectation that
discretionary cash flow will be used for debt repayment
* Affirmation reflects good margins despite erosion in net
pricing levels, global presence with well-respected brands
including Bausch & Lomb
* Negative outlook reflects uncertainty that underlying
trends have stabilized and that company will meet its near-term
debt repayment targets
* Negative outlook also reflects the potential that certain
scenarios of business restructuring would be credit negative
* Affirms Valeant's rating including B2 CFR; negative
outlook
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