NEW YORK (Standard&Poor's CreditWire) May 3, 2000--Standard&Poor's today lowered its long-term ratings on Norfolk Southern Corp. and units. All short-term ratings on the company are affirmed. (see list below). The current outlook is stable. The downgrade reflects expectations that cash available for debt reduction and cash flow protection measures will remain modest into 2001 as a result of a significant debt burden and initial operating challenges related to the purchase of 58% of Conrail, Inc. For the year ended Dec. 31, 1999, the last six months of which included operation of Norfolk's portion of Conrail, lease adjusted funds from operations to debt was only around 10% and earnings before interest, taxes, depreciation amortization (EBITDA) was under
