The ratings on Spanish gaming company Codere S.A. reflect the company's large exposure to the inherently more volatile Latin American economies, which can affect the respective regional gaming markets; high exchange-rate risks; highly leveraged financial profile; and lack of direct ownership of some gaming licenses. These factors are mitigated by the company's solid presence in the Spanish slot machine market, with cash-generative businesses and leading market positions; leading positions in the Argentinean and Mexican bingo markets; and limited maintenance capital expenditure requirements. Pro forma for the group's proposed Ç335 million ($404 million) bond issue by related entity Codere Finance S.A. and proposed acquisitions, Codere had reported revenues of Ç506 million and EBITDA of Ç112 million in 2004, and EBITDA of
