On Tuesday, Moody’s Investors Service affirmed the B1 Corporate Family Rating of Codere S.A. and also noted that it has changed the outlook from stable to negative.
The change came after the announcement that the Martinez Sampedro family, who holds a 71 percent stake in the company, deferred payment to former shareholders, the Franco family.
According to a prepared statement, Moody’s believes the missed payment could trigger sale of the Martinez Sampedro family’s shares.