We have revised our assessment of Codere's liquidity profile to "weak" from "less than adequate," mainly due to the looming refinancing risk of its €120 million senior credit facilities maturing in June 2013. We understand that negotiations are underway, but in our view, there are still some execution risks until a definite agreement is reached. We also believe Codere faces an increasing risk of tightening covenant headroom, barring a material improvement of its operating performance in the first quarter of 2013. We are therefore lowering our corporate credit rating on Codere to 'CCC' from 'B-'. The negative outlook primarily reflects our concerns regarding Codere's ability to timely refinance its senior credit facilities. On Dec. 19, 2012, Standard&Poor's Ratings
