S&P ups Speedway

Standard & Poor's said it raised its ratings on Speedway Motorsports Inc., including its corporate credit rating, to BB+ from BB.

At the same time, the agency said it assigned a recovery rating of 1 and raised the bank loan rating on the company's amended revolving credit facility to BBB- from BB, one notch higher than the corporate credit rating on Speedway.

The amendment increased the size of the revolving credit agreement to $400 million from $250 million and extended the maturity date to 2010 from 2008, S&P noted.

The outlook is stable.

The upgrade of the corporate credit rating reflects S&P's increased comfort with the consistency of the company's operating performance.

According to the agency, the ratings on Speedway reflect the company's good market position in the motorsports industry and its moderate capital structure.

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