The ratings on Spanish gaming company Codere S.A. reflect the company's large exposure to 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 position; leading positions in the Argentinean and Mexican bingo markets; and limited maintenance capital expenditure requirements. The group reported revenues of Ç474 million and EBITDA of Ç79 million in the 12 months to Sept. 30, 2005. The last 12 months do not include all the revenues and EBITDA of the acquired Royal bingo clubs in Argentina. Consequently,
