Standard&Poor's Ratings Services said today that its ratings and outlook on Norfolk Southern Corp. (BBB/Stable/A-2) remain unchanged following the railroad company's announcement of fourth-quarter and full-year 2002 results. Railway operating revenues set record highs for both the fourth quarter and the full year, despite declines in the important coal segment. Revenues totaled $6.3 billion for the year, up 2% from the 2001 level. The operating ratio (operating expenses, including depreciation, as a percentage of revenues) for full-year 2002 was 81.5%, a 2.2% improvement over the 2001 level. Standard&Poor's expects management's ongoing focus on controlling costs and improving yields to lead to further operating improvements over the near to intermediate term. This, coupled with management's continuing commitment
