Norfolk Southern's New $350 Million And $366.6 Million Notes Rated 'BBB' May 05
Standard & Poors, May 2005
Abstract
NEW YORK (Standard & Poor's) May 20, 2005--Standard & Poor's Ratings Services assigned its 'BBB' rating to Norfolk Southern Corp.'s $350 million notes due 2029 and $366.6 million notes due 2025. The new notes were issued in connection with the company's offer to exchange new notes and cash for up to $350 million of its outstanding 7.8% notes due 2027, up to $200 million of its outstanding 7.25% notes due 2031, and any and all of its 9% notes due 2021 and was undertaken to improve the company's debt maturity profile. "Ratings on Norfolk Southern Corp. (BBB/Positive/A-2) reflect its strong competitive position as one of the two large eastern freight railroads and the strong business risk profile of the U.S....
Companies mentioned in this report are: Norfolk Southern Corp.
Action: New Rating
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.
Norfolk Southern Corp.
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