NEW YORK (Standard&Poor's) Nov. 18, 2013--Standard&Poor's Ratings Services today assigned its 'BBB+' issue-level rating to Norfolk Southern Corp.'s new $400 million senior unsecured notes due 2024. Norfolk Southern will use the proceeds from the debt issuance to fund general corporate purposes. The corporate credit rating on Norfolk, Va.-based Norfolk Southern reflects its solid competitive position as one of the two large eastern freight railroads, its strong liquidity position, and the U.S. freight railroad industry's favorable industry risk characteristics. Price competition from other railroads and trucking companies and the industry's capital intensity partially offset these strengths. Over the next few quarters, our base case assumes that overall freight volumes will be flat due to ongoing weakness in
