Standard & Poor’s Ratings Services said Wednesday it is considering lowering its credit ratings on Valeant Pharmaceuticals International Inc. given the drug maker’s lowered outlook and delayed annual report. S&P placed Valeant’s B+ corporate credit rating and other ratings on “CreditWatch Negative.” “Given delays in reporting its 10-K, the company will likely violate reporting covenants this month and the company has until the end of April to resolve the covenants in the credit agreement,” S&P said in a statement. The ratings agency said it will decide on whether to lower ratings within 90 to 180 days. Valeant shares dropped 51% Tuesday after the company lowered its outlook and delayed it annual report.
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