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. LONDON (Standard&Poor's) July 2, 2009--Standard&Poor's Ratings Services said today that it 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
