Favorable risk characteristics of the U.S. freight railroad industry; Strong competitive position; Diversified mix of commodities and customers; and Operating performance and service metrics among the best in the industry. Capital intensity of the business; Price competition from trucking companies, barges, and other railroads in certain commodity areas; and Significant debt levels. The ratings on Norfolk Southern Corp. reflect its strong competitive position as one of the two large eastern freight railroads and the favorable industry risk characteristics of the U.S. freight railroad industry. Offsetting these strengths, to some extent, are price competition from other railroads and trucking companies and the capital intensity of the industry. Norfolk Southern operates the fourth-largest rail system in the U.S. The Norfolk Southern rail
