NEW YORK (Standard&Poor's) June 1, 2009-- Standard&Poor's Ratings Services today assigned its 'BBB+' rating to Norfolk Southern Corp.'s (BBB+/Stable/A-2) $500 million notes due 2019. "The ratings on Norfolk Southern 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," said Standard&Poor's credit analyst Anita Ogbara. Although the soft economy is hurting volumes, Norfolk Southern has partially offset weaker demand with favorable pricing and cost controls. Still, for the first quarter ending March 31, 2009, the company reported revenues and operating income of $1.9 billion and $383.0 million, down 22% and 34%, respectively, from record levels in 2008. The
