Moody's places Speedway Motorsports' ratings on review for downgrade following financing plans for merger agreement
Rating Action: Moody's places Speedway Motorsports' ratings on review for downgrade following financing plans for merger agreement. Global Credit Research- 23 Aug 2019. New York, August 23, 2019-- Moody's Investors Service has placed the credit ratings of Speedway Motorsports, Inc. on review for downgrade, including the Ba1 corporate family rating and Ba2 senior notes rating, following the disclosure of the financing plans for the company's merger agreement with Sonic...Speedway Motorsports is a promoter, marketer and sponsor of motorsports activities. The company owns and operates racing facilities. The company also: provides souvenir merchandising, and food, beverage and hospitality catering services through its SMISC Holdings LLC (SMI Properties) subsidiaries; provides radio programming, production and distribution through its Performance Racing Network subsidiary; distributes wholesale and retail motorsports and other sports-related souvenir merchandise and apparel through its SMI Properties and SMI Trackside LLC subsidiaries; and manufactures and distributes smaller-scale racing cars and parts through its US Legend Cars International, Inc. subsidiary.
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