On March 10, 2005, Standard&Poor's Ratings Services assigned its 'BBB' rating to Norfolk Southern Corp.'s $300 million 6% senior notes due 2105. The 'BBB/A-2' corporate credit ratings are affirmed. The outlook is positive. The Norfolk, Va.-based railroad company has about $8 billion of lease-adjusted debt. Ratings on Norfolk Southern Corp. 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 freight railroad serving the Northeast (CSX Corp. and Norfolk
