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Valeant Will See Forced Selling If Ratings Cut Again, Citi Says

Some of Valeant Pharmaceuticals International Inc.’s debt investors will be forced to sell if Standard & Poor’s cuts its rating on the company’s $19.5 billion of unsecured bonds any further, according to credit analysts at Citigroup Inc.

S&P put the company on Creditwatch Thursday, warning it could potentially downgrade the credit “multiple notches” if the company fails to file its financials or get waivers and consents from lenders in a timely matter. That puts the drugmaker’s unsecured bonds “dangerously close” to a CCC rating that would spark forced selling from investors who aren’t allowed to hold debt rated that low, Citigroup...


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