Fitch Upgrades Bausch + Lomb, Bausch Health But Keeps Both Junk

Fitch Ratings upgraded its credit grade on both Bausch + Lomb Corp. and its parent company Bausch Health Cos., but said the eye care unit’s ratings will continue to be under pressure unless the two separate.

Fitch upgraded Bausch + Lomb’s corporate ratings to B from B-, according to a Thursday report. The ratings firm said it expects the eye care unit, which has “leading market positions and strong brand recognition,” to continue to outperform its parent company. Its ratings could be downgraded if Bausch Health’s credit grades are also downgraded before a separation occurs.