The ratings on Spain-based multinational gaming company Codere S.A. reflect Standard&Poor's Ratings Services' view of its "highly leveraged" financial risk profile and "weak" business risk profile. Codere's highly leveraged financial risk profile is mainly constrained by the consolidation of its principal shareholder payment-in-kind (PIK) loan and its increasing dependence on continued access to cash flows from Latin America, given its significant dependence on those markets. In particular, Codere is exposed to possible uncertainties regarding the repatriation of cash flows from Argentina, following the rising restrictions on international trade imposed by the government of Argentina (Republic of Argentina; unsolicited ratings B/Negative/B) and Argentina's deteriorating economic and political links with the international community. In addition, Codere's financial risk profile reflects
