The rating on Spanish and Latin American gaming group Codere S.A. is on CreditWatch, where it was placed with negative implications on Oct. 27, 2008. The CreditWatch reflects the substantial uncertainties relating to the group's ownership and financial structure. On Nov. 13, 2008, Jesus and Joaquin Franco (Codere's former shareholders) requested that the current controlling shareholders (members of the Martinez Sampedro family) initiate a sale process for their 71% stake, following nonpayment of obligations due under a 2006 sale and purchase agreement (SPA). The initiation of a sale process is the former owners' sole recourse under the SPA and any sale process replaces the unpaid obligation. The SPA requires any sale proceeds to be divided between the two families in
