NEW YORK (Standard & Poor's) May 3, 2004ùStandard & Poor's Ratings Services said its ratings and outlook on Union Pacific Corp. (BBB/Positive/A-2) were not affected by the company's announcement on April 29, 2004, that operating earnings declined to $314 million for the first quarter of 2004, a 15% drop from the $369 million reported in the first quarter of 2003. Revenues during the first quarter of 2004 were $2.9 billion, compared with $2.7 billion in the comparable period of 2003. The company had previously warned that a combination of events, including an unfavorable court ruling related to a 1998 grade-crossing accident, continuing high fuel prices, lingering crew shortages, severe weather conditions, and strong demand, was adversely affecting operating efficiency and
