...December 11, 2024 S&P Global Ratings expects Alterra's leverage will be below 5x through fiscal 2026, which is a significant cushion compared with our 6x downgrade threshold to accommodate unplanned mergers and acquisitions (M&A). We forecast S&P Global Ratings-adjusted leverage of approximately 5x for the fiscal-year-ending July 31, 2025 (fiscal 2025), and we expect leverage to remain below 5x in fiscal 2026 absent M&A activity compared with our base case assumptions. We forecast revenue will be up approximately 10% in fiscal 2025 assuming normal weather conditions and average snowfall at its mountain resorts. We expect low- to mid-single-digit increases in skier visitation and mid-single-digit growth in effective ticket price (ETP) as Alterra raises pass prices, though a higher percentage of visitation from passholders will be a modest offset. Higher visitation from Ikon pass holders drives down ETP as passes are sold at a discount before the season starts compared with same-day ticket...
