VRX Escrow Corp. -- Moody's rates Valeant's notes B1; sr. sec. Ba1; outlook positive

New York, March 10, 2015 -- Moody's Investors Service assigned a rating of Ba1 (LGD2) to the incremental senior secured Term Loan A and Term Loan B of Valeant Pharmaceuticals International, Inc. ("Valeant"). Moody's also assigned a rating of B1 (LGD5) to Valeant's new senior unsecured note offering, initially issued by subsidiary VRX Escrow Corp. There are no changes to Valeant's existing ratings including the Ba3 Corporate Family Rating, the Ba3-PD Probability of Default rating, the SGL-2 Speculative Grade Liquidity Rating, the Ba1 senior secured rating and the B1 senior unsecured rating. The rating outlook is positive.

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