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Standard & Poor’s said it may lower its debt ratings for Valeant Pharmaceuticals International Inc. deeper into junk after the drugmaker slashed its earnings and revenue forecast for the year and warned that a delay in filing its annual report may breach debt agreements. Valeant’s B+ rating has been placed on negative credit watch reflecting “the preponderance of risks we see in the near term that could further weaken creditworthiness,” S&P said in a statement Tuesday.
S&P Warns It May Cut Valeant Credit Ratings Deeper Into Junk [Bloomberg]
Related: It’s Gonna Take A Lot More Than A $1 Billion Loss To Shake Bill Ackman’s Confidence In Valeant
