U.S.-based Speedway Motorsports Inc. (SMI) made about $41 million in secured term loan voluntary prepayments through the March 2014 quarter. We are revising our recovery rating on SMI's senior unsecured notes to '4' from '5' and raising our issue-level rating on that debt to 'BB' from 'BB-'. All other ratings, including the 'BB' corporate credit rating, are affirmed. The stable outlook reflects our view that a high proportion of contractually increasing and recurring revenues from broadcasting through 2014 and 2015 can partly offset a slow recovery in admissions revenue and support credit measures consistent with the "significant" financial risk assessment and our 'BB' rating. On May 13, 2014, Standard&Poor's Ratings Services affirmed the 'BB' corporate credit rating on
