Cash-generative businesses. Leading market positions. Limited maintenance capital expenditure requirements. Adequate liquidity. Large exposure to inherently more volatile Latin-American economies. High exchange-rate risks between Latin-American currencies and the euro. Leveraged financial profile. Lack of direct ownership of gaming licenses in Mexico and Argentina. The ratings on Spanish gaming company Codere S.A. reflect the company's large exposure to inherently more volatile Latin-American economies, which can affect the respective regional gaming markets; high exchange-rate risks; highly leveraged financial profile; and lack of direct ownership of some gaming licenses. These factors are mitigated by the company's solid presence in the Spanish slot-machine market, with cash-generative businesses and leading market position; leading positions in the Argentinean and Mexican bingo markets; and limited maintenance capital
