Cash-generative businesses Leading market positions and significant recent growth Limited maintenance capital expenditure requirements Adequate liquidity Highly leveraged financial profile Substantial exposure to the fast-growing but vulnerable Latin America economies, notably Argentina High, partially hedged, foreign-exchange risks between Latin American currencies and the euro Italian legal claims have led to significant provisions and the extent of other Italian legal liabilities is currently uncertain Lack of direct ownership of gaming licenses in Argentina and, to some extent, in Mexico 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 S.A. reflect its highly leveraged financial profile; significant exposure to volatile Latin American economies; high yet partially hedged,
