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BULLETIN: Burlington Northern Santa Fe Reports 2002 Results Jan 03
Standard & Poors, Jan 2003
Abstract
Standard & Poor's Ratings Services said its ratings and outlook on Burlington Northern Santa Fe Corp. (BNSF; BBB+/Negative/A-2) remain unchanged following BNSF's announcement of fourth-quarter and full-year 2002 results. BNSF reported operating income of $436 million in the fourth quarter of 2002 (compared with $467 million--adjusted for unusual items--in the fourth quarter of 2001) and full-year 2002 operating income of $1.7 billion (compared with $1.8 billion--adjusted for unusual items--in 2001). Freight revenues were relatively flat year to year. Recent results have been hurt by increased operating expenses and by challenging coal and agriculture market conditions. The operating ratio for full-year 2002 was 81.3%, compared with 80.3% in 2001 (adjusted for unusual items). BNSF generated about $400 million in free cash...
Companies mentioned in this report are: Burlington Northern Santa Fe LLC
Action: S&P Event
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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