S&P puts International Speedway on watch

S&P said it placed its BBB issuer credit rating on International Speedway Corp. on CreditWatch with negative implications.

The action follows the company’s announcement that its board of directors received an offer from Nascar to purchase all outstanding common stock not owned by the France family.

“The negative CreditWatch placement reflects the possibility that Nascar’s proposal could succeed and that it could be funded by issuing incremental debt to combine ISC and Nascar into one private entity, resulting in meaningfully higher leverage and financial risk,” S&P said in a news release.

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