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Peer Comparison: A Good Head Of Steam For Large North American Railroads Apr 06
Standard & Poors, April 2006
Just 20 years ago, North America boasted a number of large freight railroads. Today, thanks to a wave of consolidation, that group has shrunk dramatically, to just a half-dozen. The remaining players are the two Western U.S. railroads, Burlington Northern Santa Fe Corp. (BNSF; rated BBB+/Stable/A-2) and Union Pacific Corp. (BBB/Stable A-2); two Eastern U.S. railroads, CSX Corp. (BBB/Stable/A-2) and Norfolk Southern Corp. (BB+/Stable/A-2); and two Canadian railroads. Canadian National Railway Co. (A-/Stable/A-2) and Canadian Pacific Railway Co. (BBB/Stable/--). These six railroads have much in common. All have a well-diversified revenue mix and a large and nonconcentrated customer base. They all benefit from participation in an industry that Standard & Poor's views as having strong business risk fundamentals because of...
Companies mentioned in this report are: CSX Corp.,Canadian National Railway Co.,Union Pacific Corp.,Norfolk Southern Corp.,Burlington Northern Santa Fe LLC,Canadian Pacific Railway Co.
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CSX Corp.,Canadian National Railway Co.,Union Pacific Corp.,Norfolk Southern Corp.,Burlington Northern Santa Fe LLC,Canadian Pacific Railway Co.