Adam Swift's full article on the downgrade of Zuffa's credit rating from BB to BB- is now up on Sherdog. The gist is that the rate of expansion for the UFC appears to be slowing, or at least that's what Standard's & Poor's is worried about. Notable quote:

The size or popularity of the business doesn't really matter. The idea here is that in addition to the rate of growth slowing, the UFC's projected returns were lower due to expensive expansion efforts. That means there is less money to promote other events, which could ultimately be the UFC spreading itself too thin. White and the Fertitta brothers are banking on eventual returns from their UK expansion efforts, thereby complimenting the profitable shows put on in North America.

MMA and the UFC is still a high-growth area of the market. Once football is over, young men will likely not be looking to basketball to get their fix. Moreover, with the UFC planning some stellar match-ups post Superbowl, the UFC could regain momentum again.

Lastly, this is what the ebb and flow of expansion looks like. There is technically no ceiling limiting how far a company or brand can grow, but you have to think the more the UFC brand grows, the more it has to compete with established mainstream competitors. That's going to make it difficult for Zuffa to maintain that high growth rate we saw in late 2006, early 2007. MMA might be slowing down some, but the train is still firmly on the tracks.