The credit rating agency S&P Global has lowered Codere's rating to selective default, an action that is based on technical criteria because it considers that the approved restructuring plan is synonymous with default. More specifically, the agency explains that the creditors had to agree to different and less advantageous conditions than those discussed at the beginning of the negotiations.
S&P Global is very skeptical about the two-year extension of the two bond issues due in 2021, which are equivalent to 300 million dollars and 500 million euros, and have required an increase in interest rates. All this without counting the issuance of 85 million in July and 165 million scheduled for October.
On the other hand, S&P Global anticipates a new evaluation once the refinancing and the debt restructuring are completed.
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