Moody's rates Codere notes Ca

Moody’s Investors Service said it assigned a Ca instrument rating to the €228 million of backed subordinated PIK notes due 2027 issued by Codere New Holdco SA.

Concurrently, the agency upgraded Codere Finance 2 (Luxembourg) SA's €196 million of euro equivalent, split in euros and dollars, reinstated backed senior secured notes due 2027 to Caa3 from Ca and affirmed Codere Finance 2's €482 million of amended backed super senior secured notes due 2026 at Caa1.

The agency also assigned a corporate family rating of Caa3 and a probability of default rating of Caa3-PD to Codere Luxembourg 2 Sarl, the consolidating holding entity of international gaming company Codere.

Finally, Moody’s withdrew Codere SA's Ca CFR and C-PD/LD PDR.

The outlook is stable.

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