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Research Update: Conrail Inc. CCR And Other Ratings Lowered To 'BBB-'; Outlook Stable May 07 Product Image

Research Update: Conrail Inc. CCR And Other Ratings Lowered To 'BBB-'; Outlook Stable May 07

  • ID: 1928224
  • May 2007
  • Standard & Poors

Abstract
On May 9, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on Conrail Inc. and unit Consolidated Rail Corp. to 'BBB-' from 'BBB'. In addition, we lowered our ratings on various equipment trust certificates to 'A-' from 'A'. The outlook is stable. The rating action follows a similar downgrade on CSX Corp. on May 8, 2007, after CSX Corp. increased its share buyback program. Conrail Inc. is jointly owned by freight railroads Norfolk Southern Corp. (BBB+/Stable/A-2) and CSX Corp. (BBB-/Stable/A-3), which own 58% and 42%, respectively, of the company. The corporate credit rating for Conrail is set at the lower of the corporate credit ratings on CSX and Norfolk Southern and the outlook is set at the...

Companies mentioned in this report are: Conrail Inc.,CSX Corp.,Norfolk Southern Corp.,Consolidated Rail Corp.
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Conrail Inc.,CSX Corp.,Norfolk Southern Corp.,Consolidated Rail Corp.

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