Fitch assigns Codere CCC, notes CCC+, CCC

Fitch Ratings said it assigned Codere SA an expected first-time long-term issuer default rating of CCC and an expected debt instrument rating of CCC+ with a recovery rating of RR3 to the planned €250 million of super senior notes to be issued by Codere Finance 2 (Luxembourg) SA. Fitch also gave Codere’s to-be-amended notes, which comprise a €500 million and a $300 million tranche an expected debt instrument rating of CCC with a recovery rating of RR4.

“The ratings reflect Codere’s high leverage and low liquidity headroom through to 2021, which could pressure its ratings over the next 12 to 18 months. Uncertainty over how the coronavirus pandemic will develop in South America, where the group is highly exposed to, as well as the global recovery will challenge the company’s deleveraging capacity,” Fitch said in a press release.

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