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Norfolk Southern Corp.'s $500 Million Notes Rated 'BBB+' Jan 09
Standard & Poors, January 2009
NEW YORK (Standard & Poor's) Jan. 12, 2009--Standard & Poor's Ratings Services today assigned its 'BBB+' rating to Norfolk Southern Corp.'s (BBB+/Stable/A-2) $500 million notes due 2016. The notes are being issued under Rule 144A. "Ratings on Norfolk Southern reflect its strong competitive position as one of the two large eastern freight railroads and the favorable industry risk characteristics of the U.S. freight railroad industry," said Standard & Poor's credit analyst Lisa Jenkins. Although economic pressures are hurting volumes, Norfolk Southern is still generating solid results, benefiting from favorable pricing conditions and good operating efficiency. In fact, the company reported record revenue and net income in both the second and third quarters of 2008. The operating ratio (operating expenses, including...
Companies mentioned in this report are: Norfolk Southern Corp.
Action: New Rating
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
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Norfolk Southern Corp.