Moody's lowers Codere, notes

Moody's Investors Service said it downgraded to B2 from B1 the corporate family rating and probability of default rating of Codere SA.

Concurrently, the agency said it also downgraded to B3 from B2 the ratings on Codere Finance (Luxembourg) SA's €760 million 8¼% senior notes due 2015 and $300 million 9¼% senior notes due 2019.

All ratings have been placed on review for further downgrade.

"The downgrade of Codere's ratings reflects the increased business risk affecting its operations in Argentina and Spain. As a result, the group's financial profile is no longer commensurate with a B1 rating," said Ivan Palacios, a Moody's vice president - senior analyst and lead analyst for Codere, in a news release.

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