S&P affirms Corporación Interamericana de Entretenimiento

Standard & Poor's said it affirmed its BB- long-term corporate credit rating on Corporación Interamericana de Entretenimiento SAB de CV y subsidiarias and its B+ long-term corporate credit rating on the holding company, Corporacion Interamericana de Entretenimiento SAB de CV.

S&P said it also affirmed its B+ senior unsecured debt rating on Corporación Interamericana de Entretenimiento's notes due 2015.

In addition, all ratings were removed from CreditWatch with positive implications, where they were placed on Aug. 17, after the announcement that the company entered into a Memorandum of Understanding with Codere SA (BB-/Watch negative), in which Codere will agree to acquire a 49% interest in CIE Las Americas in exchange for Codere's 50% interest in the existing gaming joint ventures within CIE Las Americas, the agency said.

The outlook is stable.

The removal from CreditWatch follows the closing of the exchange with Codere, which resulted in a $175 million cash payment from Codere to Corporación Interamericana de Entretenimiento, S&P added.

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