Spain-based gaming company Codere S.A. has emerged from default following the implementation of its restructuring agreement. On April 29, 2016, Codere finalized its comprehensive restructuring as per the terms of the Scheme of Arrangement sanctioned by the High Court of Justice of England and Wales on Dec. 18, 2015. We are raising our corporate credit rating to 'B' from 'D'. The outlook is stable. We are withdrawing the 'D' issue-level ratings on the company's senior unsecured notes, which have been exchanged and in part converted to new common equity through the company's restructuring agreement. The stable outlook reflects our opinion that Codere will continue to focus on improving its operating performance, while controlling capital expenditures, cost management, and liquidity. On
