The ratings on Speedway Motorsports Inc. reflect its good market position in the growing motor sports industry, relatively stable operating performance, and a moderate capital structure. Speedway Motorsports is one of the two largest companies hosting races sanctioned by the NASCAR. High construction costs and a limited number of NASCAR racing dates have created important barriers to entry. However, operating diversity is somewhat narrow. About 75% of revenues, and an even greater percentage of EBITDA, come from 17 annual NASCAR events held at the company's six tracks. EBITDA growth has recently slowed because the weak economy has resulted in flat attendance and decline in entertainment spending. EBITDA coverage of interest expense improved to 7.4x for the 12 months ended Sept.
