March 31 (Reuters) - Moody's:
* Downgrades certain Valeant ratings including CFR to B2
from B1
* Downgrade of CFR of Valeant reflects operating headwinds,
CEO, board changes during elevated financial leverage,
regulatory scrutiny
* B2 CFR reflects view that Valeant's cash flow is solid,
unlikely to face any near-term payment defaults absent a debt
acceleration scenario
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