S&P trims Codere

S&P said it cut Codere’s rating to CCC+ from B- due to the company's weighted average maturities falling below two years, delayed refinancing following the discovery of accounting inconsistencies at certain Latin American subsidiaries, the devaluation of the Argentine peso and developments regarding government policy and capital controls.

The agency also lowered to CCC+ from B- its long-term issuer credit rating on Codere, as well as the issue ratings on Codere's €500 million and $300 million of senior secured notes.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.