LONDON (Standard&Poor's) Oct. 26, 2007--Standard&Poor's Rating Services said today it affirmed the 'BB-' corporate credit and 'B' senior unsecured debt ratings on Spanish gaming company Codere S.A.'s and removed them from CreditWatch with negative implications, where they had been placed on June 11, 2007. The outlook is stable. The removal from CreditWatch reflects the company's completion of its IPO on Oct. 19, 2007, which raised net proceeds of €129.1 million. Most of the proceeds will be used to fund the proposed purchase of 49% of Impulsora de Centros de Entretenimiento de las Americas (ICELA), which owns 65 Mexican gaming licenses and a horse race track complex, in exchange for an upfront cash consideration of $145 million.
