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Rating Action:

Moody's assigns (P)B3 to Cirsa's new senior notes due 2018

27 Apr 2010

Madrid, April 27, 2010 -- Moody's Investors Service has today assigned a provisional (P)B3 rating to the new senior unsecured notes due 2018 to be issued by Cirsa Funding Luxembourg S.A., a wholly-owned subsidiary of Cirsa Gaming Corporation S.A. (Cirsa). This follows Cirsa's announcement today that it was launching a bond issue for refinancing and general corporate purposes. All Cirsa´s ratings remain on review since February 2010 and Moody´s expects to conclude the review process upon full completion of the bond placement.

Moody´s assumes that the transaction involves the issuance of EUR400 million senior unsecured notes in conjunction with the exercise of a call option to repay in full its existing EUR270 million senior notes due 2014. The use of the cash proceeds from the new notes is expected to be used to repay short to medium term debt maturities and more broadly to strengthen Cirsa´s liquidity profile. In addition to the new bond issue, Moody´s expects a new EUR30 million senior secured revolving facility to be signed.

The (P)B3 rating on the offered notes reflects their position as unsecured obligations within Cirsa´s capital structure and the pari passu ranking with the existing EUR230 million senior notes due 2012, both of which benefit from unsecured guarantees from subsidiaries of Cirsa which generated approximately 45% of Cirsa´s EBITDA in 2009. The definitive rating will be assigned on the notes upon the review of the final documentation.

Moody's expects that, upon the successful completion of the transaction, it will conclude the review on Cirsa´s ratings and most likely (i) confirm both Cirsa's B2 corporate family rating (CFR) and the probability of default rating (PDR), (ii) confirm both the B3 ratings on its existing EUR230 million senior notes due 2012 and proposed notes due 2018 and (iii) withdraw the rating on its EUR270 million due 2014 following the proposed prepayment. In addition, Moody´s stated that the rating outlook could be changed to stable to reflect the adequate liquidity provided by the proposed transaction and continuous improvement in the operating performance and market conditions.

The ratings affected by today's rating action are as follows:

- the B2 rating (LGD 3) of the EUR270 million 8.75% senior notes due 2014 issued by Cirsa Finance Luxembourg S.A.

- the B3 rating (LGD 4) of the EUR230 million 7.875% senior notes due 2012 issued by Cirsa Capital Luxembourg S.A.

- the (P) B3 (LGD4) rating of the new EUR400 million senior notes due 2018 to be issued by Cirsa Funding Luxembourg S.A.

The last rating action was implemented on 1 February 2010, when Moody's placed Cirsa's corporate family rating (CFR) on review for possible downgrade.

The principal methodology used in rating Cirsa was Moody's Global Gaming Industry rating methodology published in December 2009 and available at www.moodys.com in the Ratings Methodologies sub-directory under the Reasearch & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Headquartered in Tarrasa, Spain, Cirsa is a leading Spanish gaming company with substantial operations in Italy and Latin America. In the twelve months to end-December 2009, Cirsa reported net operating revenues of c. EUR1.1 billion and EBITDA of EUR209 million.

Madrid
Carlos Winzer
Senior Vice President
Corporate Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Paloma San Valentin
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns (P)B3 to Cirsa's new senior notes due 2018
No Related Data.
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