...- Alterra Mountain Co. intends to issue a $1.848 billion first-lien term loan due 2028 to refinance existing term loan debt and also extend the maturity on its $450 million first-lien priority revolving credit facility to 2024 from 2022. We believe that the economic recovery currently underway, driven by the U.S.'s continued vaccination effort, and our assumption that the 2021/2022 ski season will include limited pandemic-related restrictions will likely lead to a recovery in skier visitation, revenue, and EBITDA in Alterra's fiscal 2022 (ending in July). In aaddition, we assume that Alterra partly restores credit measures by using excess cash on hand following an assumed normal 2021/2022 ski season to pay down a significant portion of incremental term loan debt issued during the pandemic in 2020. - Therefore, we revised the rating outlook to stable from negative and affirmed our 'B' issuer credit rating on the company. - We also assigned our 'B' issue-level rating and '4' recovery rating...
