...NEW YORK (S&P Global Ratings) May 31, 2016--S&P Global Ratings today assigned its '###+' issue-level rating to Norfolk Southern Corp.'s new senior unsecured notes due 2026. The company will use the proceeds from this issuance for general corporate purposes. Our corporate credit rating on Norfolk Southern reflects our favorable view of the North American freight railroad industry, given the limited competition from alternate 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 rating on the company if its financial profile weakens because of greater-than-expected pressure on its earnings from lower coal volumes, such that its funds from operations (FFO)-to-total debt ratio declines to 23% or below and we believe that it will remain...
