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Burlington Northern Santa Fe Corp. Feb 09
Standard & Poors, Feb 2009
Abstract
Positive risk characteristics of the U.S. freight railroad industry; Large and strategically important rail network; Continuing yield-improvement initiatives; and Efficient operations. Significant debt levels; Capital-intense operations; and Price competition from trucking companies and other railroads in certain commodity areas. The ratings on Fort Worth, Texas-based Burlington Northern Santa Fe Corp. (BNSF) reflect the company's strong competitive position in the low-risk U.S. freight railroad industry and solid earnings and cash flow generation. Offsetting these strengths, to some extent, are price competition from other railroads and trucking companies and the capital intensity of the industry. BNSF operates the second-largest rail network in North America. The company enjoys strong positions in upper-Midwest grain traffic, Wyoming- and Montana-based low-sulfur coal transportation, and intermodal (trailer...
Companies mentioned in this report are: Burlington Northern Santa Fe LLC,Atchison Topeka & Santa Fe Railway Co.,Burlington Northern Inc.,BNSF Railway Co.,Northern Pacific 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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