Spain-based gaming company Codere S.A. has announced the settlement of the overdue interest payments on its euro-denominated notes. We understand that the company is now up to date with the payments on its outstanding debt instruments, with the next payment being the interest on the U.S. dollar-denominated notes due Aug. 15, 2013. We are therefore raising our long-term corporate credit rating (CCR) on Codere to 'CC' from 'SD' (selective default). At the same time, we are bringing in line with the CCR the issue ratings on all of the rated notes to 'CC' from 'D' (default) and 'CCC-'. The negative outlook reflects our view that we could lower the ratings on Codere to 'D' or 'SD' if a credit-dilutive restructuring
