On Oct. 27, 2006, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Spanish-based gaming company Codere S.A. (Codere), following news that the company is to increase its bond issuance by €150 million, in the second issue of its kind this year. The outlook remains stable. At the same time, Standard&Poor's affirmed its 'B' senior unsecured debt rating on related entity Codere Finance (Luxembourg) S.A.'s (Codere Finance) existing bonds, which are guaranteed by Codere. The bonds are rated two notches below the corporate credit rating, reflecting their structural subordination. The ratings on Codere reflect the company's highly leveraged financial profile; recent rapid growth; significant exposure to volatile Latin American economies; high, albeit partially hedged, exchange-rate
