Cash-generative businesses; Leading market positions and significant recent growth; Limited maintenance capital expenditure requirements; and Adequate liquidity. Highly leveraged financial profile; Substantial exposure to the fast growing but vulnerable Latin America economies, notably Argentina; High (albeit partly hedged) exchange risks between Latin American currencies and the euro; Lack of direct ownership of gaming licenses in Mexico and Argentina, which are subject to renewal; and Heavy indebtedness of the group's controlling shareholders, including an outstanding payment-in-kind loan, with associated refinancing and change-of-control risks. The ratings on gaming group Codere reflect its highly leveraged financial profile; significant exposure to volatile Latin American economies; high, albeit partially hedged, exchange-rate risks; and lack of direct ownership of licenses in certain jurisdictions, in addition to
