On Aug. 18, 2004, Standard&Poor's Ratings Services assigned its 'BBB' rating to Norfolk Southern Corp.'s $400 million notes due Sept. 17, 2014. The notes are being issued in exchange for a portion of the company's 7.35% notes due May 15, 2007. The company's 'BBB' corporate credit rating is affirmed. The outlook is stable. The Norfolk, Va.-based freight railroad company has about $7.3 billion of lease-adjusted debt outstanding. Ratings on Norfolk Southern reflect its strong competitive position as one of the two large eastern railroads and the better-than-average risk profile of the U.S. freight railroad industry, offset by a somewhat aggressively leveraged (albeit improving) financial profile. Norfolk Southern operates the fourth-largest rail system in the U.S. It also owns
