Favorable risk characteristics of the U.S. freight railroad industry; Strong competitive position with diversified mix of commodities and customers; and Operating performance and service metrics historically among the best in the industry. Capital intensity of the business; and Price competition from trucking companies, barges, and other railroads in certain commodity areas. The ratings on Norfolk, Va.-based 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. Price competition from other railroads and trucking companies and the capital intensity of the industry partially offset these strengths. Norfolk Southern operates the fourth-largest rail system in the U.S. The Norfolk Southern rail operations consist
