Spain-based gaming company Codere S.A. has announced the settlement of the overdue interest on its dollar-denominated notes, and we understand that the company is now current with all outstanding debt payments. We are therefore raising our long-term rating on Codere to 'CC' from 'SD', and raising the issue rating on its dollar-denominated notes to 'CC' from 'D'. The negative outlook reflects our view that we could lower the ratings on Codere to 'D' or 'SD' if it postpones upcoming interest payments on the euro-denominated notes beyond the fifth business day of the due date or if it carries out a credit-dilutive restructuring measure, which we would view as tantamount to default. On Sept. 24, 2013, Standard&Poor's Ratings Services
