On Jan. 15, 2003, Standard & Poor's Ratings Services assigned its 'B' rating to Vail Resorts Inc.'s proposed $350 million senior subordinated notes due 2014. Net proceeds will be used to refinance existing debt. All existing ratings, including the 'BB-' corporate credit rating, were affirmed. Vail, Colo.-based Vail Resorts had total debt outstanding of $580.4 million at Oct. 30, 2003. The rating reflects Vail Resorts' limited geographic diversity, high capital expenditures, and risks associated with a highly seasonal and cyclical industry. This is only partly offset by solid operating performance, a dominant market share in Colorado, and good product revenue mix. Vail operates five ski resorts, as well as the Grand Teton Lodge Co. in Jackson Hole, Wyo., and various
