Valeant Pharmaceuticals (VRX) volatility stays elevated after less than expected Q3 and outlook
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Moody's Downgrades Valeant Pharma (VRX) CFR to B3 from B2; Outlook Negative
November 8, 2016 2:14 PM ESTMoody's Investors Service downgraded the ratings of Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and subsidiaries, including the Corporate Family Rating to B3 from B2 and the Probability of Default Rating to B3-PD from B2-PD. Other downgrades include the senior secured bank credit facilities to Ba3 (LGD 2) from Ba2 (LGD 2) and senior unsecured debt to Caa1 (LGD 5) from B3 (LGD 5). At the same time, Moody's affirmed Valeant's SGL-3 Speculative Grade Liquidity Rating. The rating outlook is negative.
The downgrade reflects Valeant's challenges in turning around its specialty pharmaceuticals business, resulting in weak... More
