Solid operating record; and Position as dominant ski resort operator in the U.S. Limited geographic diversity; High capital expenditure requirements; and Participation in seasonal and cyclical industry. 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. These factors are 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 should peak in 2008 and 2009. Vail Resorts' operations are concentrated in Colorado,
