S&P affirms Speedway Motorsports

S&P said it affirmed its BB+ corporate credit rating on Speedway Motorsports Inc. The outlook is stable.

“At the same time, we affirmed our 'BBB-' issue-level rating on the company's first-lien senior secured debt, which consists of the $100 million senior secured revolver and $200 million delayed-draw term loan,” said S&P credit analyst Jing Li in a news release.

The recovery rating on the first-lien debt is 1, which indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default.

S&P also affirmed the BB+ issue-level rating on the company's $200 million senior unsecured debt. The recovery rating is 3, which indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

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