The ratings on Speedway Motorsports Inc. reflect its good market position in the motor sports industry, its relatively stable operating performance, and a moderate capital structure. The company is one of the two largest companies hosting races sanctioned by National Association for Stock Car Racing (NASCAR). High construction costs and a limited number of racing dates have created important barriers to entry. However, the company has little revenue diversity. In 2003, 80% of revenues, and an even greater percentage of EBITDA, came from 17 annual NASCAR events held at the company's six tracks. The number of Speedway Motorsports' NASCAR-sanctioned events has remained stable from 1999-2004, though each NASCAR event is awarded on an annual basis. International Speedway Corp., a major
