...- Vail Resorts Inc., owner and operator of destination mountain resorts and regional ski areas, plans to raise $600 million in senior unsecured notes to provide additional liquidity amidst the COVID-19 pandemic and global recession. - We are assigning our '##' issuer credit rating to Vail Resorts Inc. - We are assigning our '##' issue-level rating and '4' recovery rating to the company's proposed $600 million senior unsecured notes due 2025. - The negative rating outlook reflects anticipated elevated leverage above 4x in fiscal 2020 due to property closures and our expectation that Vail's operating performance may continue to be impacted in fiscal 2021 by decreased destination travel and consumer spending. While leverage could decline modestly to the mid- to high-3x range in fiscal 2021, ratings could be pressured if ski visitation remains low or mountain closures extend or reoccur during the 2020-2021 winter season....
