Leading position in the U.S. ski resort industry; The industry's high barriers to entry; and Current balance-sheet flexibility. Vulnerability to economic cyclicality; Susceptibility to risks inherent in the real estate segment; and Vulnerability to weather conditions. 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
