On March 30, 2006, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Spanish gaming company Codere S.A. The outlook is stable. At the same time, Standard&Poor's affirmed its 'B' senior unsecured debt rating on Codere Finance S.A.'s existing bonds, guaranteed by Codere S.A., which the group proposes to increase by €150 million. The increase will, in particular, refinance a €100 million bridge loan. The bonds are rated two notches below the corporate credit rating, reflecting their structural subordination. The affirmation of the corporate credit rating reflects the cash-generative nature of the group's operations, despite its increasing exposure to the more risky Latin American countries, with Argentina poised to account for about 40% of
