Norfolk Southern Corp.'s Proposed Senior Unsecured Notes Due 2047 Rated 'BBB+'

NEW YORK (S&P Global Ratings) Oct. 30, 2017--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2047. The company has offered to exchange the proposed notes, along with cash, for up to $600 million of its existing debt maturing between 2027 and 2111. Our corporate 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 its 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

...NEW YORK (S&P Global Ratings) Oct. 30, 2017--S&P Global Ratings today assigned its '###+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2047. The company has offered to exchange the proposed notes, along with cash, for up to $600 million of its existing debt maturing between 2027 and 2111. Our corporate 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 its 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 consists primarily of senior unsecured debt issued at the parent level and a modest amount of debt issued by its subsidiary Norfolk Southern Railway...

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