Summary: Burlington Northern Santa Fe LLC Feb 10

Standard & Poors, February 2010

Abstract
The ratings on Fort Worth, Texas-based Burlington Northern Santa Fe Corp. (BNSF) reflect the company's strong competitive position in the low-risk U.S. freight railroad industry and solid earnings and cash flow generation, as well as a one-notch credit for potential support from parent Berkshire Hathaway Inc. (which acquired BNSF on Feb. 12, 2010). The ratings do not incorporate an explicit parental guarantee from Berkshire Hathaway. However, we give credit for potential support from the more highly rated parent. Price competition from other railroads and trucking companies and the capital intensity of the industry partially offset these strengths. BNSF operates the second-largest rail network in North America. The company enjoys strong positions in upper Midwest grain traffic, Wyoming- and Montana-based low-sulfur...

Companies mentioned in this report are: Burlington Northern Santa Fe LLC
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Burlington Northern Santa Fe LLC

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