Summary: Intrawest Resorts Holdings Inc.

Vulnerability to declines in consumer discretionary spending; Competitive pressures from alternative entertainment options for consumers; Seasonal nature of the mountain operations and reliance on good weather conditions for ski operations; High barriers to entry in the ski resort industry; and Good geographic diversity. Expected leverage to remain above 5x through fiscal year 2017; Expected funds from operations (FFO) to total debt to be around 12% through fiscal year 2017; Expected EBITDA interest coverage of about 3x through fiscal 2017; and Uncertainty as to how Intrawest Resorts Holdings Inc.'s owner ultimately addresses significant parent company debt. The stable outlook reflects our expectation for continued economic and consumer spending growth to drive EBITDA growth in the mountain and adventure segments through fiscal

...Seasonal nature of the mountain operations and reliance on good weather conditions for ski operations;...

Summary