LONDON (Standard & Poor's) June 14, 2005--Standard & Poor's Ratings Services said today that it assigned its 'BB-' long-term corporate credit rating to Spanish gaming company Codere S.A. The outlook is stable. At the same time, Standard & Poor's assigned its 'B' senior unsecured debt rating to the proposed Ç325 million ($395 million) bond issue by Codere Finance S.A. and guaranteed by Codere S.A. The rating is subject to receipt of final documentation. "The rating on Codere reflects the company's large exposure to inherently more volatile Latin American gaming markets, high exchange-rate risks, lack of direct ownership of some gaming licenses, and a highly leveraged financial profile," said Standard & Poor's credit analyst Olli Rouhiainen. "These factors are mitigated by
