U.S. ski resort operator Vail has stated it does not expect to announce new real estate projects over the next several quarters. We believe real estate risk in the company's business profile is reduced moderately. In addition, we believe the company's operating performance will continue to benefit from continued growth in visitation and lift ticket sales. We are raising our corporate credit rating on Vail Resorts to 'BB' from 'BB-'. The rating outlook is stable. The stable outlook reflects our belief Vail will maintain leverage in the mid-3x area or below, which is in line with the 'BB' credit rating, over the intermediate term. On March 10, 2011, Standard&Poor's Ratings Services raised its corporate credit rating on Broomfield,
