Peer Comparison: A Good Head Of Steam For Large North American Railroads Apr 06
Standard & Poors, April 2006
Abstract
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.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
CSX Corp.,Canadian National Railway Co.,Union Pacific Corp.,Norfolk Southern Corp.,Burlington Northern Santa Fe LLC,Canadian Pacific Railway Co.
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
