Overview Key strengths Key risks One of the major U.S. railroads with an extensive route network in the Eastern U.S. Price competition from other railroads and trucking companies for the transportation of certain commodities. Diverse mix of commodities hauled and customers served. Increased level of debt-funded share repurchases. Strong free cash flow generation despite service-related disruptions. Service quality has declined in recent months amid lower headcount and supply chain congestion. Relatively stable credit metrics. S&P Global Ratings currently expects the U.S. economy will enter into a shallow recession in the first half of 2023 amid higher interest rates, inflationary pressure, and waning fiscal stimulus. However, we believe the company will achieve modest volume growth, especially within its merchandise segment. Specifically,
