Corporate Credit Rating: BBB/Stable/A-2 Standard&Poor's said today that the announcement by Norfolk Southern Corp. that fourth-quarter earnings will be weak is a disappointment and will further delay any improvement in the financial profile, but it does not affect the current rating. The company indicated that carloadings in all commodity groups, except for agriculture and intermodal, are below those in the fourth quarter of 1999, due to weakness in the economy. A change in traffic mix and continued expense pressures, led by record high diesel fuel prices, are also factors in the weak earnings. In May 2000 Norfolk Southern's rating were lowered because of Standard&Poor's expectations that cash available for debt reduction and cash flow protection measures
