Norfolk Southern Corp.'s Proposed Senior Unsecured Notes Due 2025, 2028, And 2118 Rated 'BBB+'

NEW YORK (S&P Global Ratings) July 30, 2018--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2025, 2028, and 2118. The company will use the proceeds from these notes to repurchase shares and for other general corporate purposes. The issuer credit rating on Norfolk Southern reflects our favorable view of the North American freight railroad industry, given the limited competition from alternative modes of commercial freight transport, the formidable barriers to entry, and the moderate cyclicality. Our rating is also based on the company's strong competitive position, extensive rail network, diverse revenue streams, and strong operating efficiency. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital structure Norfolk Southern's capital structure primarily consists of senior

...NEW YORK (S&P Global Ratings) July 30, 2018--S&P Global Ratings today assigned its '###+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2025, 2028, and 2118. The company will use the proceeds from these notes to repurchase shares and for other general corporate purposes. The issuer credit rating on Norfolk Southern reflects our favorable view of the North American freight railroad industry, given the limited competition from alternative modes of commercial freight transport, the formidable barriers to entry, and the moderate cyclicality. Our rating is also based on the company's strong competitive position, extensive rail network, diverse revenue streams, and strong operating efficiency. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital structure + Norfolk Southern's capital structure primarily consists of senior unsecured debt issued at the parent level and a modest amount of debt issued by its subsidiary Norfolk Southern Railway Co. Analytical conclusions...

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