Codere's 2020 U.K. scheme of arrangement has been approved by the courts, after 99.6% of creditors participating in the scheme voted in favor. The group is now proceeding to complete the proposed debt restructuring. S&P Global Ratings views the proposed transaction as distressed, and therefore tantamount to a default. We are lowering our issuer credit rating on Codere to 'SD' (selective default) from 'CC'. We are also lowering the issue rating on Codere's €500 million and $300 million senior secured notes to 'D' from 'CC', while affirming the 'CCC-' issue rating on the €85 million super senior secures notes and the preliminary 'CCC+' issue rating on the proposed €165 million notes. We will re-evaluate Codere's business and financial prospects under
