Moody's lifts Vail

Moody's Investors Service said it upgraded Vail Resorts' corporate family rating and probability of default rating to Ba2 from Ba3 and the rating on the senior subordinated notes to Ba3 from B1.

The outlook is stable.

The upgrade considers the improvement of Vail's financial profile over recent years, the agency said, noting that it also reflects Moody's expectation that going forward the company's leverage and cash flow to debt metrics will remain commensurate with the Ba2 rating category, even though some deterioration from the strong level reached at the end of fiscal year 2008 is likely in the near term, considering the challenging economic conditions.

The rating action further assumes that the company's financial policy will be conservative with regards to capital spending, acquisitions and share repurchases, the agency added.

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