Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative

Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative
Published Jul 02, 2009
2193 words — Published Jul 02, 2009
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About This Report

  
Abstract:

The economic downturn is weakening the performance of Spain-based gaming operator Codere S.A. We are lowering the corporate credit rating on Codere to 'B' from 'B+'. The negative outlook reflects the substantial uncertainties relating to Codere's ownership and financial structure as a result of the nonpayment by the current controlling shareholder of obligations due to the former shareholders. On July 2, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Spanish gaming operator Codere S.A. to 'B' from 'B+'. At the same time, the issue rating on the €660 million senior unsecured notes issued by related entity Codere Finance (Luxembourg) S.A. was also lowered to 'B' from 'B+'. The ratings were removed from CreditWatch, where they

  
Brief Excerpt:

RESEARCH Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative Publication date: 02-Jul-2009 Primary Credit Analyst: Philip Temme, London (44) 20-7176-3832; philip_temme@standardandp...

  
Report Type:

Research Update

Ticker
CDR@SM
Issuer
Codere S.A.
GICS
Casinos & Gaming (25301010)
Sector
Global Issuers
Country
Spain
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative" Jul 02, 2009. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Spanish-Gaming-Operator-Codere-S-A-Lowered-To-B-On-Weaker-Operating-And-Credit-Metrics-Outlook-Negative-732205>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Spanish Gaming Operator Codere S.A. Lowered To 'B' On Weaker Operating And Credit Metrics; Outlook Negative Jul 02, 2009. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Spanish-Gaming-Operator-Codere-S-A-Lowered-To-B-On-Weaker-Operating-And-Credit-Metrics-Outlook-Negative-732205>
  
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