NEW YORK (Standard&Poor's) July 27, 2004--Standard&Poor's Ratings Services said today it assigned its 'BBB' rating to Norfolk Southern Corp. (BBB/Stable/A-2) unit Norfolk Southern Railway Co.'s (NSR; BBB/Stable/--) $319 million 9 3/4% notes due June 15, 2020, and $145 million notes due May 15, 2043. The notes are being issued as part of a series of related transactions in which Conrail Inc. unit (BBB/Negative/--) Consolidated Rail Corp. (Conrail; BBB/Negative/--) proposes to transfer its Pennsylvania Railroad LLC (PRR) subsidiary to NSR and its New York Central Lines LLC (NYC) subsidiary to CSX Corp. (BBB/Negative/A-3) unit CSX Transportation Inc. (CSXT; BBB/Negative/--). The new notes are initially being issued by PRR Newco Inc., a newly formed subsidiary of NSR, which
