Solid operating record; Dominant market share in Colorado; and Good revenue mix. Limited geographic diversity; High capital expenditure requirements; and Seasonal and cyclical industry. (Editor's Note: In the Full Analysis dated Jan. 22, 2003, the fiscal information for Intrawest Corp. in the Comparison Review table was outdated. The corrected version follows.) 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,
