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BULLETIN: Norfolk Southern Corp. to Post Disappointing 4th Quarter Earnings; Ratings Unchanged Dec 00
Standard & Poors, Dec 2000
Abstract
Corporate Credit Rating: BBB/Stable/A-2 Standard & Poor's said today that the announcement by Norfolk Southern Corp. that fourth-quarter earnings will be weak is a disappointment and will further delay any improvement in the financial profile, but it does not affect the current rating. The company indicated that carloadings in all commodity groups, except for agriculture and intermodal, are below those in the fourth quarter of 1999, due to weakness in the economy. A change in traffic mix and continued expense pressures, led by record high diesel fuel prices, are also factors in the weak earnings. In May 2000 Norfolk Southern's rating were lowered because of Standard & Poor's expectations that cash available for debt reduction and cash flow protection measures...
Companies mentioned in this report are: Norfolk Southern Corp.
Action: S&P Event
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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