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Fitch assigns first-time ratings to Valeant Pharmaceuticals

Fitch Ratings assigned Valeant Pharmaceuticals International Inc. a first-time long-term issuer default rating of B-.

The ratings apply to the Canadian drugmaker's $25.75 billion debt outstanding as of Dec. 31, 2017.

Fitch said Valeant has made "decent progress" in cutting down its debt levels, having repaid more than $6.5 billion since March 31, 2016, with a combination of internally generated cash and proceeds from asset sales.

Valeant's balance sheet still remains highly leveraged — a measure of the company's ability to meet its financial obligations — but the specialty drugmaker's new management has been focusing on deleveraging by applying operating cash flow and divestiture proceeds to debt reduction, Fitch noted.

The company has "adequate" near-term liquidity and its refinancing activities have largely satisfied debt maturities until 2020, the agency added.