International Speedway Corp. Oct 11
Standard & Poors, October 2011
Abstract
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.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
International Speedway Corp.
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