NEW YORK (Standard & Poor's) May 15, 2003--Standard & Poor's Ratings Services today assigned its 'BB-' rating to Vail Resorts Inc.'s proposed $425 million credit facility consisting of a $325 million revolving credit facility due May 2007 and a $100 million term loan B due November 2008. Proceeds are expected to be used to refinance existing debt. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit rating on the company. Vail, Colo.-based ski resort operator had $572.8 million of debt outstanding on Jan. 31, 2003. The outlook is negative. "The ratings reflect Vail's limited geographic diversity, high capital expenditures, and risks associated with a highly seasonal and cyclical industry," said Standard & Poor's credit analyst Andy Liu.
