Moody’s rates Vail Resorts notes Ba3

Moody's Ratings said it assigned a Ba3 rating to Vail Resorts, Inc.'s proposed new $600 million eight-year senior unsecured notes due 2032.

Vail will use the proceeds from the new notes to refinance its existing $600 million senior unsecured notes due 2025.

The company's existing ratings including the Ba2 corporate family rating, Ba2-PD probability of default rating and stable outlook are not affected.

“The transaction is credit positive because it will extend the maturity profile without materially affecting cash interest expense,” the agency said in a news release.

“Nevertheless, leverage is not affected and free cash flow is largely unchanged.”

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