Standard&Poor's Ratings Services' corporate credit rating on Broomfield, Colo.-based mountain resort operator Vail Resorts Inc. reflects our assessment of the company's business risk profile as "fair" and its financial risk profile as "significant," according to our criteria. Our assessment of Vail's business risk profile as fair reflects the company's strong market position in the U.S. ski industry and high barriers to entry in the industry. We believe Vail's vulnerability to economic cyclicality and weather conditions, seasonality within the ski operations, and the risks inherent in its real estate segment partially offset the company's attributes. Our assessment of Vail's financial risk profile as "significant" reflects the volatility in cash flows driven by the real estate segment, and our belief
