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Burlington Northern Santa Fe Corp. Jan 04
Standard & Poors, Jan 2004
Abstract
Positive risk characteristics of the U.S. freight railroad industry; Large and strategically important rail network; and Diversified traffic mix and customer base. Significant debt levels; Current subpar operating performance; and History of aggressive share repurchases. The ratings on Burlington Northern Santa Fe Corp. (BNSF) reflect its strong competitive position in the low-risk U.S. freight railroad industry, offset by a somewhat aggressive financial policy. Fort Worth, Texas-based BNSF operates the second-largest rail network in North America. The company enjoys strong positions in upper-Midwest grain traffic, Wyoming-based low-sulfur coal transportation, and intermodal (trailer and container) movements. The last activity, which is concentrated in the important Southern California-Chicago corridor, accounts for about one-third of freight revenues. While BNSF benefits from its emphasis on...
Companies mentioned in this report are: Burlington Northern Santa Fe LLC,BNSF Railway Co.
Action: Review
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: Full Analysis
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