Moody's: International Speedway unchanged

Moody's Investors Service said it said that International Speedway Corp.'s announcement that it is re-activating its open market share repurchase program does not affect the company's Baa2 senior unsecured rating or stable outlook as Moody's anticipates debt-to-EBITDA for the FY ended November 2009 will be at the high end of the 1.5-2x range expected for the rating.

However, Moody's said it views repurchasing shares as an aggressive financial policy move at a time when earnings and cash flow are weakened by cutbacks in consumer and corporate spending.

The last rating action was on June 28, 2006, when Moody's said it assigned a Baa2 rating to International Speedway's new $300 million guaranteed senior unsecured revolving credit facility and affirmed the existing Baa2 rating on the guaranteed senior unsecured notes.

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