Speedway Motorsports Inc. Upgraded To 'BB+'; Outlook Stable; $300 Million Senior Secured Facility Rated 'BBB'

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. NEW YORK (Standard&Poor's) Dec. 8, 2014--Standard&Poor's Ratings Services today said it raised its corporate credit rating on Charlotte,

...+ 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 '##+' from '##' and assigning our '1' recovery rating and '###' 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 '##+' rating. NEW YORK (Standard & Poor's) Dec. 8, 2014--Standard & Poor's Ratings Services today said it raised its corporate credit rating on Charlotte, N.C.-based Speedway Motorsports Inc. to '##+' from '##'. The outlook is stable. At the same time, we assigned our '1' recovery rating and '###' issue-level rating to the company's proposed $300 million senior...

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