Norfolk Southern Corp.'s Proposed Senior Unsecured Notes Due 2052 Rated 'BBB+'

NEW YORK (S&P Global Ratings) July 31, 2017--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2052. The company has offered to exchange the proposed notes, along with cash, for up to $600 million of its existing debt maturities 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. Our outlook on Norfolk Southern is stable. We could

...NEW YORK (S&P Global Ratings) July 31, 2017--S&P Global Ratings today assigned its '###+' issue-level rating to Norfolk Southern Corp.'s proposed senior unsecured notes due 2052. The company has offered to exchange the proposed notes, along with cash, for up to $600 million of its existing debt maturities 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. Our outlook on Norfolk Southern is stable. We could lower our ratings on the company if its financial profile weakens because of greater-than-expected pressure on its earnings from lower coal volumes or a higher-than-expected level of share repurchases...

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