| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Speedway Motorsports, Inc. > News item |
Moody’s downgrades Speedway Motorsports
Moody’s Investors Service said it downgraded Speedway Motorsports, LLC’s corporate family rating to Ba3 from Ba1, probability of default rating to Ba3-PD from Ba1-PD, and senior notes to B1 from Ba2.
The downgrade ends the review Moody’s started on Aug. 23. Speedway is now wholly owned by Sonic Financial Corp.
“The ratings downgrade reflects Moody’s expectation that leverage will remain elevated over the next two years following the increase in pro forma leverage to 3.9x from 1.8x as of Q2 2019 and the decrease in the EBITDA to interest coverage ratio to approximately 5.4x from 9.9x,” said Moody’s in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.