Moody's reviews Speedway for downgrade

Moody's Investors Service said it placed Speedway Motorsports, LLC's ratings on review for downgrade, including the Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured note due to the coronavirus outbreak's potential impact on the ability to hold Nascar events, as well as the negative effects on consumer sentiment and the overall economy.

On Thursday, it was announced that two upcoming Nascar events will be postponed due to the coronavirus. The review for downgrade will focus on any additional changes to the ability to hold future Nascar races, leverage levels, interest coverage, and the company's liquidity position. The rating outlook was changed from stable to ratings under review.

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