Fitch Ratings has assigned 'BB-'/'RR1' ratings to Bausch + Lomb Corporation's (BLCO) secured term loan and 'BB-'/'RR1' ratings to its secured bonds. The net proceeds of which will be used to fund BLCO's proposed $1.75 billion acquisition of Novartis' ocular surface pharmaceuticals portfolio. The Rating Watch is Evolving and may take longer than six months to resolve. Key Rating Drivers Acquisition to Increase Leverage: BLCO has announced that it plans to acquire Novartis' ocular surface pharmaceuticals portfolio, which includes Xiidra. This is a growing product for the treatment of Dry Eye Disease. The acquisition will also include a mid-stage developmental pharmaceutical product and AcuStream (an investigational device intended to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications). Fitch views the acquisition as strategically sound, as it increases the company's presence in the ophthalmic pharmaceutical market.