...- In our view, disruptions brought about by the coronavirus outbreak could make it more difficult for Codere to refinance its term debt in the near term. - On Oct. 14, 2019, we downgraded Codere to 'B-' due to the group's weighted average maturities falling below two years, delayed refinancing following the discovery of accounting inconsistencies at certain Latin American subsidiaries, the devaluation of the Argentine peso, and developments regarding government policy and capital controls. - We are now lowering to '###+' from 'B-' our long-term issuer credit rating on Codere, as well as our issue ratings on Codere's 500 million and $300 million senior secured notes. - The negative outlook indicates that we could lower the ratings in the next six to 12 months if Codere does not successfully refinance its November 2021 notes, if its liquidity deteriorates, or if the group undertakes any action we consider to be a default, such as restructuring or bond buybacks below par....
