We understand that Spain-based gaming company Codere has missed the interest payment on its €760 million senior notes, which was due on Dec. 15, 2013. Although the documentation includes a 30-day grace period, under our criteria, we consider the extension of a due payment of interest or principal as tantamount to a default if the payment falls later than five business days after the scheduled due date. We do not think that Codere will make the interest payment today, which is the fifth business day, as the company is still in the process of negotiating various strategic alternatives regarding its capital structure. We are therefore lowering our long-term corporate credit rating on Codere to 'SD' (selective default) from 'CC'. At
