...June 22, 2023 SAN FRANCISCO (S&P Global Ratings) June 22, 2023--S&P Global Ratings today revised its recovery rating on Vail Resorts Inc.'s senior unsecured notes to '3' from '4' to reflect our updated recovery analysis. We extended our simulated default year to 2028, which results in less secured debt assumed at default. Our recovery valuation has not meaningfully changed. Our '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 55%). Regularly scheduled amortization debt repayment has reduced secured debt in the capital structure assumed at default, leaving more residual value available to Vail's unsecured noteholders. Vail repaid approximately $63 million of its 2026 Vail Holdings term loan (unrated) since April 2022. We already assume regularly scheduled amortizing debt repayments of 5% of the principal balance in our recovery analysis, which does not typically improve recovery prospects for lenders except in cases where we extend the assumed...
