On May 15, 2003, Standard & Poor's Ratings Services assigned its 'BB-' rating to Vail Resorts Inc.'s proposed $425 million credit facility consisting of a $325 million revolving credit facility due May 2007 and a $100 million term loan B due November 2008. Proceeds are expected to be used to refinance existing debt. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit rating on the company. The ratings reflect Vail's limited geographic diversity, high capital expenditures, and risks associated with a highly seasonal and cyclical industry. This is offset by solid operating performance, a dominant market share in Colorado, and good revenue mix. Vail, Colo.-based Vail had $572.8 million of debt outstanding on Jan. 31, 2003. Vail
