NEW YORK (Standard & Poor's) March 30, 2004--Standard & Poor's Ratings Services said today it affirmed its long-term debt ratings on Conrail Inc., including the 'BBB' corporate credit rating. However, Standard & Poor's revised the outlook to negative from stable. Conrail Inc. is jointly owned by 'BBB' rated Norfolk Southern Corp. and 'BBB' rated CSX Corp., which own 58% and 42%, respectively, of the company. The corporate credit rating for Conrail is set at the lower of the corporate credit ratings on CSX and Norfolk Southern. "The outlook revision on Conrail follows the outlook revision on CSX Corp., its 42% owner," said Standard & Poor's credit analyst Lisa Jenkins. CSX and Norfolk Southern began to operate their respective portions of...
Companies mentioned in this report are: Conrail Inc.,CSX Corp.,Norfolk Southern Corp.
Action: Outlook: Negative
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Research type: News
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