Summary: Conrail Inc. Jul 04

Standard & Poors, July 2004

Abstract
On July 27, 2004, Standard & Poor's Ratings Services stated it expects to affirm its 'A' ratings on outstanding equipment trust ratings of Conrail Inc. (BBB/Negative/--) unit Consolidated Rail Corp. (Conrail; BBB/Negative/--) if Conrail's proposed transfer of subsidiaries New York Central Lines LLC (NYC) and Pennsylvania Railroad LLC (PRR) to CSX Corp. unit CSX Transportation Inc. (CSXT) and Norfolk Southern Corp. unit Norfolk Southern Railway Co. (NSR), respectively, are completed as outlined in S-4 filings with the SEC dated July 21, 2004. In conjunction with the proposed transfer of ownership, new debt securities are being offered by CSXT and NSR in exchange for Conrail's outstanding unsecured debt. Standard & Poor's has assigned 'BBB' ratings to these proposed new securities. The...

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

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Conrail Inc.,CSX Corp.,Norfolk Southern Corp.,CSX Transportation Inc.,Consolidated Rail Corp.,Norfolk Southern Railway Co.

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