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BULLETIN: Norfolk Southern's Share Buyback Program Will Not Affect Ratings, Outlook Nov 05
Standard & Poors, Nov 2005
Abstract
NEW YORK (Standard & Poor's) Nov. 23, 2005--Norfolk Southern Corp. (BBB+/Stable/A-2) announced late yesterday a plan to repurchase 50 million shares of its common stock over the next 10 years (which would equate to almost $220 million a year, based on the current share price, if spread out evenly through the period). Standard & Poor's Ratings Services said today the share buyback will not affect its rating or outlook on the railroad. Standard & Poor's believes Norfolk Southern will continue to benefit from favorable end-market conditions and maintain its focus on improving service levels and maintaining operating efficiency. This healthy environment should enable the company to generate sufficient cash flow to both fund this program and generate improved credit protection...
Companies mentioned in this report are: Norfolk Southern Corp.
Action: Bulletin
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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