Favorable risk characteristics for the North American freight railroad industry; Price competition from other railroads and trucking companies in certain commodities; and Strong competitive position, with diversified mix of commodities and customers. Capital intensity of the business; Significant debt burden; and Solid cash flow generation. The outlook is stable. Despite weak coal volumes, we expect pricing to remain favorable and Norfolk Southern's operating efficiency to continue to improve, resulting in stable earnings and credit metrics in 2014. We could lower the rating if the financial profile weakens, either as a result of greater-than-expected shareholder rewards or earnings pressures, and causes funds from operations (FFO) to total debt to consistently fall below 30%. We could raise the rating if earnings growth
