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
