On Oct. 6, 2004, Standard&Poor's Ratings Services assigned its preliminary 'BBB' rating to Norfolk Southern Corp.'s $1 billion Rule 415 shelf registration for senior unsecured debt securities. The 'BBB' corporate credit rating on the company 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 and operates a 58% economic interest in Conrail Inc., the only major
