The 'BB' corporate credit rating reflects Speedway Motorsports' concentrated earnings profile, uncertainty regarding the earnings potential of its Kentucky Speedway acquisition, and relatively high debt leverage. The company's good market position in the motorsports industry, high barriers to entry, and steady operating performance are positives. Speedway is the smaller of two major companies that host auto races sanctioned by National Association for Stock Car Auto Racing (NASCAR). Rival International Speedway Corp. is controlled by the same family that controls NASCAR. High-margin broadcasting and sponsorship revenue streams, account for the majority of Speedway's EBITDA and are subject to long-term contracts. For the quarter ended Dec. 31, 2008, revenues and EBITDA decreased 7.4% and 6%. The decline is largely attributed to declining
