The U.S. recession has significantly negatively affected Speedway Motorsports' operating performance. Speedway Motorsports proposed a $250 million senior unsecured bond offering. We are revising the rating outlook to negative from stable. The outlook revision reflects our expectation that operating performance will remain weak in 2009 and the lease adjusted total debt to EBITDA will exceed our target of 3.3x for a negative outlook at least through 2009. On May 14, 2009, Standard&Poor's Ratings Services assigned a 'BB' issue-level rating (the same as the corporate credit rating), and a '3' recovery rating to Concord, N.C.-based Speedway Motorsports Inc.'s proposed $250 million senior unsecured notes due 2016. A recovery rating of '3' indicates our expectation of meaningful (50% to 70%)
