Credit markets are bracing for more trouble ahead for Valeant Pharmaceuticals International Inc. Owners of the company’s biggest bonds are demanding yields that are almost 2 percentage points more than the average for other junk debt with similar ratings, Bank of America Merrill Lynch index data show. Standard & Poor’s has warned it may lower its B+ rating for Valeant and send it deeper into junk. Moody’s Investors Service, after lowering its grade this week, warned it could cut it again.
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