Given the devolution of the Argentine peso and the recent developments regarding government policy and capital controls, Codere could find it more difficult to refinance its bonds due October 2021. Codere's earnings from Argentina represent about 25% of group consolidated EBITDA and €25 million-€30 million of unleveraged cash flows. Therefore, we are placing on CreditWatch negative our 'B' issuer credit rating on Codere and our 'B' issue rating on its €500 million and $300 million senior secured notes. The CreditWatch placements indicate that we could lower the ratings if Codere fails to make substantial progress in addressing refinancing of its 2021 notes in the next six months. We placed the ratings on CreditWatch with negative implications because we consider Codere
