Solid competitive position in the U.S freight railroad industry, with a diversified mix of commodities and customers; Strong liquidity position; and Good operating performance and consistent service metrics. Capital-intensive business; and Price competition from trucking companies, barges, and other railroads in certain commodity areas. Standard&Poor's Ratings Services' ratings on Norfolk, Va.-based Norfolk Southern Corp. reflect its solid competitive position as one of the two large eastern freight railroads, its strong liquidity position, and the favorable industry risk characteristics of the U.S. freight railroad industry. Price competition from other railroads and trucking companies and the capital intensity of the industry partly offset these strengths. Despite weaker-than-expected economic growth and soft utility coal volumes, we expect Norfolk Southern to generate
