NEW YORK (Standard&Poor's) Sept. 21, 2010--Standard&Poor's Ratings Services said today that it has assigned its 'BBB+' rating to Norfolk Southern Corp.'s new 5.30% notes due 2040. On Sept. 17, 2010, the company announced a private offer to exchange all outstanding 7.90% notes due 2097 for the 5.30% notes due 2040. The final size of the notes offering is pending the results of the exchange offer. The new notes are senior unsecured obligations of Norfolk Southern, ranking equally with the previously issued notes and with all other unsecured and unsubordinated indebtedness. As of June 30, 2010, given the company's strong business profile, credit metrics were acceptable for the rating, with adjusted funds from operations to total debt
