The ratings reflect Vail Resorts Inc.'s geographically concentrated operations, its 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 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 peak between April and November. Total debt outstanding at April 30, 2005, was $522 million. Vail's operations are concentrated in Colorado with four of its five ski resorts located there. While this exposes Vail to climate fluctuations in Colorado, the state
