The ratings reflect Vail Resorts Inc.'s solid operating performance, dominant market share in Colorado, and good revenue mix. This is balanced by its limited geographic diversity, high capital expenditure requirements, and risks associated with a highly seasonal and cyclical industry. Vail, Colo.-based Vail had $602.8 million of debt outstanding on Oct. 31, 2002. Vail operates five ski resorts, as well as the Grand Teton Lodge Co. in Jackson Hole, Wyo., and various lodging properties near its ski resorts. The acquisitions of Lake Tahoe, Calif.-based Heavenly Valley Ski Resort in and the RockResorts chain in 2001 modestly improved the company's geographic diversity. Heavenly is the company's first ski resort outside the Colorado market. The company is also engaged in real estate
