Leading visitor attractions operator in Europe. Diverse attractions portfolio in terms of geography and operations, with strong brands. Strong earnings record and industry-leading margins. Growing proportion of revenues from all-year sites. Operates in a cyclical and seasonal industry. Capital-intensive business, with high operating leverage. Exposure to event risks (including weather risks) that could discourage travel to visitor attractions, as well as reputational and security risks. Improved financial metrics and risk profile after IPO. Significant operating lease commitments. Exposure to seasonal working capital swings. "Adequate" liquidity, with no short-term debt maturities or amortization requirements. Cash-generative business. The stable outlook on Europe's largest visitor attraction operator Merlin Entertainments PLC (Merlin) reflects our view that the company's revenues and profitability will continue to
