The 'BB' rating reflects Broomfield Colo.-based mountain resort operator Vail Resorts Inc.'s vulnerability to economic cyclicality and weather conditions, and the risks inherent in the real estate segment. These factors are somewhat offset by the company's leading position in the U.S. ski industry and high barriers to entry in the industry. Vail owns and operates five of the eight most visited resorts in the U.S., with a strong presence in both Colorado and the Lake Tahoe ski area (two of the larger ski areas in the U.S.). The company's lodging and real estate segments help provide an overall resort experience for customers; however, they are not the primary drivers of revenue and EBITDA. Standard&Poor's Ratings Services raised its
