Spain-based gaming company Codere has launched new €775 million senior secured notes and plans to use the proceeds to refinance existing debt. In addition, Codere is putting in place a new €95 million revolving credit facility that enhances its liquidity. We are assigning our 'B' issue rating and '3' recovery rating to the proposed senior secured notes and affirming our 'B' long-term rating on Codere. The stable outlook reflects our opinion that Codere will continue to focus on improving its operating performance, while controlling capital expenditures, cost management, and liquidity. On Oct. 21, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on Spain-based gaming company Codere S.A. The outlook remains stable. At the same time, we assigned our
