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VRX Escrow Corp. -- Moody's upgrades Bausch Health's CFR to B2 from B3; stable outlook

Moody's Investors Service ("Moody's") upgraded the ratings of Bausch Health Companies Inc. ("Bausch Health") including the Corporate Family Rating to B2 from B3, the Probability of Default Rating to B2-PD from B3-PD, the senior secured rating to Ba2 from Ba3 and the senior unsecured rating to B3 from Caa1. "The upgrade reflects continued progress in Bausch Health's turnaround including organic growth in major business lines, resolution of the Xifaxan patent challenge, and Moody's expectation for continued debt reduction," stated Michael Levesque, Moody's Senior Vice President.