SAN FRANCISCO (S&P Global Ratings) April 24, 2024--S&P Global Ratings today assigned its 'BB' issue-level rating (the same level as the long-term issuer credit rating) and '3' recovery rating to the proposed senior unsecured notes issued by Vail Resorts Inc. due 2032. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a default. Vail intends to use the proceeds from the notes to refinance its $600 million outstanding senior unsecured notes due 2025. At the same time, the company completed an amendment of its $984 million term loan (not rated) to extend the maturity to 2029 from 2026. We continue to assume Vail's S&P Global Ratings-adjusted net debt to
