Standard&Poor's Ratings Services' 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 the industry's high barriers to entry. We believe these attributes are partially offset by Vail's vulnerability to economic cyclicality and weather conditions, the seasonality of the ski operations, and the risks inherent in its real estate segment. Our assessment of Vail's financial risk profile as significant reflects the cash flow volatility related to its real estate segment, along with our belief that
