NEW YORK (Standard & Poor's) Dec. 2, 2004-- Standard & Poor's Ratings Services said today that it revised its ratings outlook on Vail Resorts Inc. to stable from negative, signifying the company's good operating performance and stronger credit measures. Total debt outstanding at July 31, 2004, was $625.8 million. "The stable outlook reflects the company's noticeable improvement in its credit statistics, despite average to below-average snow conditions," said Standard & Poor's credit analyst Andy Liu. While this demonstrated the quality of the company's assets, Vail Resorts nonetheless remains heavily dependent on favorable weather conditions. A poor upcoming ski season combined with a significant increase in capital expenditures could prompt a review of the outlook. The ratings reflect Vail Resorts' geographically
