S&P: Intrawest outlook developing

Standard & Poor's said it revised its CreditWatch implications on Intrawest Corp., including the BB- long-term corporate credit rating, to developing from negative, where the ratings were placed March 1.

The agency said that the revision follows the company's announcement that it has agreed to be acquired, in an all-cash offer, by Fortress Investment Group LLC for 100% of the common shares outstanding of Intrawest.

According to the agency, developing implications suggest that ratings could be affected either positively or negatively, depending on whether a transaction ultimately occurs.

In resolving the CreditWatch listing, S&P said it will continue to monitor developments within Intrawest as they become publicly available.

As the company may not provide ongoing guidance as to its progress, S&P said it could decide to resolve the CreditWatch listing at a later date if it appears a transaction is unlikely.

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