Geographically diverse portfolio of cash-generative businesses, with a decreasing focus on the weaker Spanish market. Leading market positions and barriers to entry in gaming. Limited maintenance capital expenditure requirements. Highly leveraged financial profile, including a shareholder payment-in-kind loan. Substantial exposure to Latin America, notably Argentina and Mexico, which we view as having generally higher regulatory and foreign exchange risks. Relatively modest free cash flows after capital expenditures. Sizable cash balances held in Latin America. The ratings on Spanish gaming company Codere S.A. reflect Standard&Poor's Ratings Services' view of its highly leveraged financial risk profile, after the consolidation of its principal shareholder payment-in-kind (PIK) loan. The ratings also reflect Codere's substantial exposure to Latin America, particularly to Argentina and
