On Dec. 2, 2004, Standard & Poor's Ratings Services revised its ratings outlook on Vail Resorts Inc. to stable from negative, signifying the company's good operating performance and stronger credit measures. Total debt outstanding at July 31, 2004, was $625.8 million. The ratings reflect Vail Resorts' geographically concentrated operations, high maintenance capital expenditures, and the risks associated with a highly seasonal and weather-dependent industry. This is only slightly offset by the company's quality ski resort assets and a dominant market share in Colorado. Vail, Colo.-based Vail Resorts operates five ski resorts, the Grand Teton Lodge Co. in Jackson Hole, Wyo., and various lodging properties, mostly near its ski resorts. The company is also engaged in real estate activities, which typically
