Improved trading prospects and continuing discipline on overheads and capital expenditure should enable Spanish and Latin American gaming company Codere's credit metrics to improve gradually. In addition, we see lower refinancing risk following the recent extension of the company's senior credit facilities. We are revising the outlook on Codere to stable from negative and affirming our 'B' long-term corporate credit and senior unsecured debt ratings. The ratings assume completion of the proposed restructuring of Codere's relationship with Grupo Caliente in Mexico and its proposed Panamanian acquisition. On July 2, 2010, Standard&Poor's Ratings Services revised the outlook on the ratings on Spanish and Latin American gaming company Codere S.A. to stable from negative. At the same time, we affirmed
