The ratings reflect Vail Resorts Inc.'s strong operating performance and good revenue mix, offset by its limited geographic diversity and the risks associated with operating in a highly seasonal and cyclical industry. Vail operates four ski resorts in Colorado and the Grand Teton Lodge Co. in Jackson Hole, Wyo. The company also engages in real estate activities related to its property holdings. The 1999 acquisition of the Grand Teton Lodge added important operating diversity as the company's first holding outside of the Colorado market. In addition, the property achieves its peak revenues from April to November, which helps to mitigate the effects of the ski business' seasonality by increasing the portion of Vail's revenues derived from summer activities to more
