International Speedway Corp. Oct 11
- ID: 1929495
- October 2011
- Region: Global
- Standard & Poors
Largest racetrack owner for races sanctioned by NASCAR; High-margin TV broadcasting contracts providing 3% average annual increases in rights payments through 2014.; and Moderate capital structure. Cyclical nature of admission revenues and sensitivity to weather; Event-driven business model subject to schedule changes as determined by various sanctioning bodies; and Sporadic debt-financed acquisitions of independent tracks. The 'BBB' corporate credit rating on Daytona, Fla.-based international Speedway Corp. (ISC) reflects the company's leading market position in the U.S. motorsports industry, good profitability, and debt leverage that is moderate for the rating. The company's reliance on an event-based business model, the susceptibility of its revenue base to the economic cycle, and the existence of substitute entertainment events all partially offset those strengths. Still,...
Companies mentioned in this report are: International Speedway Corp.
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