...SJ/C's 'A¡' Issuer Default Rating (IDR) rating reflects strong net adjusted capital-related ratios, modest market share lead in a competitive and favorable service area, and expectation of adequate operating margins in the coming years. The Positive Rating Outlook reflects Fitch Ratings' expectation that SJ/C will leverage its position in a good service area to sustain improved operating margins leading to stronger capital ratios consistent with a higher rating. Maintenance of recently improved operating results could warrant an improvement in Fitch's assessment of SJ/C's operating risk profile, which would bolster the case for positive rating movement....
