Cash-generative businesses Leading market positions and significant recent growth Limited maintenance capital expenditure requirements Highly leveraged financial profile Shareholder uncertainties and expected sale with associated change-of-control and refinancing risks Substantial exposure to vulnerable Latin America economies, notably Argentina, with high regulatory and foreign-exchange risks, the latter partially hedged Heavy indebtedness of current controlling shareholders, including an outstanding payment-in-kind loan Italian litigation risk The rating on Spanish and Latin American gaming group Codere S.A. is on CreditWatch, where it was placed with negative implications on Oct. 27, 2008. The CreditWatch reflects the substantial uncertainties relating to the group's ownership and financial structure. On Nov. 13, 2008, Jesus and Joaquin Franco (Codere's former shareholders) requested that the current controlling shareholders (members of
