U.S. motorsports entertainment company Speedway Motorsports Inc. (SMI) plans to issue a $300 million senior secured credit facility due 2019 and use the proceeds to repay debt. We are raising our corporate credit rating on SMI to 'BB+' from 'BB' and assigning our '1' recovery rating and 'BBB' issue-level rating to the company's proposed credit facility. The stable outlook reflects our view that a high proportion of contractually increasing and recurring revenues from broadcasting through 2015 can partly offset a weak admissions revenue and support credit measures consistent with the intermediate financial risk assessment and our 'BB+' rating. On Dec. 8, 2014, Standard&Poor's Ratings Services raised its corporate credit rating on Charlotte, N.C.-based Speedway Motorsports Inc. to 'BB+'
