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Codere shares slump to new low on Moody’s downgrade

21st May 2013 8:49 am GMT

Shares in Madrid-listed gaming operator Codere slumped to a new 52-week low Tuesday following a downgrade of the company’s credit rating by Moody’s.

Codere’s shares hit a new low of €1.03 Tuesday morning after Moody’s cut the company’s corporate family rating (CFR) to Caa3, suggesting a high-risk of default.

The downgrade is based on Codere’s need to refinance its €60m senior facility which matures in June and AR$200m (approx. €29.7m) of bank [...]

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