London (Standard&Poor's) Oct. 27, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit and senior unsecured debt ratings on Spanish and Latin American gaming group Codere S.A. to 'B+' from 'BB-' and placed them on CreditWatch with negative implications. The recovery rating of '3' on the senior unsecured debt of Codere Finance (Luxembourg) S.A. remains unchanged. "The one-notch downgrade reflects Codere's aggressive financial profile and a probable shortfall in achieving target leverage ratios at year-end 2008," said Standard&Poor's credit analyst Philip Temme. "In addition, the company faces threats to earnings from growing currency depreciation risks--particularly in respect of Argentine and Mexican Peso earnings, which comprised 64% of first-half 2008 EBITDA and
