Concord, N.C.-based Speedway Motorsports Inc. has proposed the issuance of $150 million senior notes due 2019. The company intends to use the proceeds to partly finance a tender offer for $330 million of senior subordinated notes due June 2013. We are assigning our 'BB' issue-level rating to the proposed notes with a recovery rating of '3', and affirming our 'BB' rating on the company. The negative rating outlook reflects our expectation for continued declines in revenue and EBITDA in 2011, causing leverage to peak slightly above 4x this year, which is somewhat weak for the current rating. NEW YORK (Standard&Poor's) Jan. 20, 2011--Standard&Poor's Ratings Services today assigned Speedway Motorsports Inc.'s (SMI) proposed $150 million senior notes
