...- We expect consumer concerns related to COVID-19, potential additional restrictions on travel and indoor activities, and limited ski resort capacity to reduce Alterra Mountain Co.'s revenue in fiscal year 2021 (ending July). Therefore, we have lowered our base-case EBITDA assumption, which leads us to forecast that the company's total lease-adjusted debt to EBITDA will be very high in fiscal year 2021. In addition, Alterra plans to issue a $250 million incremental first-lien term loan due 2026 to enhance its liquidity amid the ongoing pandemic. - We are affirming our 'B' issuer credit rating on Alterra because we believe the negative effects of the pandemic will mostly be limited to the upcoming 2020/2021 ski season. Specifically, we anticipate that its visitation and consumer ancillary spending could normalize by the 2021/2022 ski season if an effective vaccine is widely disseminated by mid-2021. - We are also revising our recovery rating on the company's first-lien credit facilities,...
