LONDON (Standard&Poor's) June 5, 2007--Standard&Poor's Ratings Services said today that the ratings and outlook on Spanish gaming company Codere S.A. (BB-/Stable/--) are not affected by the company's announcement of a proposed major investment in its Mexican joint venture partner CIE Las Americas (owned by Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.; B+/Watch Pos/--). Codere has agreed to acquire a 49% interest in CIE Las Americas, which owns 65 Mexican gaming licenses and a Mexican race track complex, for an upfront cash consideration of $175 million (plus certain deferred contingent payments). Although the transaction is expected to be at least partly equity funded, Codere should in any case remain just within its existing rating guideline of adjusted
