The ratings on Vail, Colo.-based Vail Resorts Inc. reflect the company's geographically concentrated operations, high capital expenditures, and the risks associated with a highly seasonal, weather-dependent, and economically sensitive business. The company's quality ski resort assets and dominant market share in Colorado are positive factors that do not offset these risks. Vail Resorts owns and operates five ski resorts, the Grand Teton Lodge Co. in Jackson Hole, Wyo., and various lodging properties, mostly adjacent to its ski resorts. The company is also engaged in real estate activities. Vail Resorts' operations are concentrated in Colorado, with four of its five ski resorts in that state together having a leading 42% market share. Although this exposes Vail Resorts to climate fluctuations in
