Valeant Sinks Deeper Into Junk as Moody's Lowers Rating
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Valeant Pharmaceuticals International Inc.’s junk debt ratings were lowered for the second time this month by Moody’s Investors Service after the company said it will replace its chief executive officer and add Bill Ackman to its board.
The drug maker’s B1 rating was cut to B2, or five steps below investment grade, Moody’s said in a statement Thursday. The ratings company had reduced the ranking on Valeant’s $31 billion of debt to B1 from Ba3 on March 15.