Moody's rates Intrawest notes B1

Moody's Investors Service said it assigned a B1 rating to Intrawest Corp.'s U.S. dollar-denominated 7½% senior unsecured note offering due 2013 and Canadian dollar-denominated 7½% senior unsecured note offering due 2009 for a total of about $325 million.

Moody's affirmed Intrawest's senior implied rating at Ba3, senior unsecured issuer rating at B1, $350 million 7½% senior notes due 2013 at B1, $125 million 10½% senior notes due 2010 at B1, $135 million 10½% senior notes due 2010 at B1 and $125 million 10½% senior notes due 2010 at B1.The outlook is stable.

Moody's said the ratings assignment and affirmation reflect Intrawest's diversified portfolio of properties, strategy of minimizing real estate risk by pre-selling real estate units, success at developing integrated resort villages at several resorts, high barriers to entry in the ski resort business and improved credit metrics.

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