...April 29, 2019 NEW YORK (S&P Global Ratings) April 29, 2019--S&P Global Ratings today assigned its '###+' issue-level rating to U.S. railroad Norfolk Southern Corp.'s proposed senior unsecured notes due 2049. The company will use approximately $500 million of the proceeds from these notes to repay debt that matures on June 15, 2019, and the remaining balance for general corporate purposes. At the same time, Norfolk Southern is issuing add-ons to its existing 3.8% senior unsecured notes due 2028 and 5.1% senior unsecured notes due 2118. Our ratings on these notes remain unchanged at this time. 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 substantial 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...
