The second-largest racetrack owner in the U.S., hosting races sanctioned by the National Association of Stock Car Auto Racing (NASCAR). High-margin TV broadcasting contracts providing 3% average annual increases in rights payments from 2008-2014. Admission revenues sensitive to economic conditions and weather; Sporadic debt-financed acquisitions of independent tracks; and Business diversity limited by number of tracks. The 'BB' corporate credit reflects Speedway Motorsports Inc.'s (SMI) reliance on an event-driven business model, the susceptibility of its revenue base to the economic cycle, and the existence of substitute entertainment events. Also, under Standard&Poor's Ratings Services' current assumptions, we expect that the company will experience further declines in revenue and EBITDA in 2011, causing the cushion relative to the company's total
