On July 18, 2005, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Norfolk Southern Corp. to 'BBB+' from 'BBB'. The 'A-2' short-term credit rating was affirmed. The outlook is now stable. The Norfolk, Va.-based freight railroad company has about $8.5 billion of lease-adjusted debt. The upgrade reflects Norfolk Southern's improved financial measures over the past few years and Standard&Poor's expectation that favorable industry fundamentals, good operating efficiency, and moderate financial policies will translate into further improvements over the next year or two. Ratings on Norfolk Southern reflect its strong competitive position as one of the two large eastern freight railroads and the strong industry risk characteristics of the U.S. freight railroad industry, offset by
