NEW YORK (Standard & Poor's) Feb. 18, 2004--Standard & Poor's Ratings Services assigned its preliminary 'B+' senior unsecured and 'B' subordinated debt ratings to Vail Resorts Inc.'s $100 million Rule 415 mixed shelf registration, reflecting Standard & Poor's expectation that the company will maintain a level of secured debt to total assets sufficient to disadvantage any potential holders of future unsecured debt. "Standard & Poor's expects that potential shelf drawdowns would be used to repay bank debt, which would slightly reduce unsecured debt holders' disadvantage. The final senior unsecured rating will depend on the capital structure at the time of any drawdown," said Standard & Poor's credit analyst Andy Liu. At the same time, Standard & Poor's affirmed its 'BB-'
