Moody’s adds LD to Codere rating

Moody’s Investors Service said it added the limited default designation to Codere SA’s probability of rating to Caa3-PD/LD.

Moody’s appended Codere’s Caa3-PD PDR with the /LD limited default designation because Moody’s views the bond maturity extension as a distressed exchange, which Moody’s considers a default. Moody’s will remove the assignment after three days. Codere completed its refinancing transaction on Oct. 30.

Moody’s also affirmed Codere’s Caa3 corporate family rating, the B3 rating on the €50 million guaranteed super senior secured notes due September 2023 and the Caa3 rating of the €500 million and €300 million guaranteed senior secured notes now due November 2023 issued by Codere Finance 2 (Luxembourg) SA.

The agency changed the outlook to stable from negative. The outlook reflects the view Codere is more resilient to the second wave disruptions than before the transaction. “The company is now better prepared as its management sought to address liquidity requirements for the next 12 months,” Moody’s said.

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