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Bulletin: Norfolk Southern's Increased Share Buyback Does Not Affect Ratings Or Outlook Mar 07
Standard & Poors, March 2007
Abstract
NEW YORK (Standard & Poor's) March 28, 2007--Norfolk Southern (BBB+/Stable/--) announced yesterday that its Board of Directors increased the number of shares authorized for repurchase from 50 million to 75 million and that it shortened the authorization period by five years. The program now extends until the end of 2010. Norfolk Southern has already repurchased about 27 million shares under the program through March 27, 2007, for a total of $1.2 billion. Standard & Poor's Ratings Services said the announcement has no impact on its rating or outlook on Norfolk Southern at this time. The company has said that the timing and volume of any purchases will be guided by management's assessment of market conditions and other factors. Standard &...
Companies mentioned in this report are: Norfolk Southern Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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