Strong position in the U.S. ski industry. High barriers to entry in the industry. Vulnerability to economic cyclicality. Vulnerability to weather conditions. Susceptibility to risks inherent in the real estate segment. The corporate credit rating on Broomfield, Co.-based Vail Resorts Inc. reflects Standard&Poor's Ratings Services' assessment of Vail's business risk profile as fair, because of its strong market position in the U.S. ski industry and high barriers to entry, offset by its vulnerability to economic cyclicality and weather conditions and the risks inherent in its real estate segment. The rating also reflects our assessment of Vail's financial risk profile as significant, because of the volatility in cash flows from the real estate segment, and our belief that the
