Standard & Poor's Ratings Services said today that Vail Resorts Inc.'s (BB-/Negative/--) announcement of a formal investigation by the SEC into prior accounting treatment for revenue recognition of private club initiation fees does not affect its credit rating or outlook. Historically, the company recognized revenue from initiation fees immediately or upon completion of certain milestones. After voluntary consultation with the SEC's accounting staff, the company began to recognize revenue over the estimated life of the club facilities, which is estimated at around 30 years. Vail has since restated and reissued its financial statements for fiscal years 1999-2001 and filed its fiscal year 2002 10-K and first quarter 2003 10-Q on that basis. Given the size of revenue in question, its
