On Nov. 4, 2004, Standard&Poor's Ratings Services affirmed its ratings on Norfolk Southern Corp., including the 'BBB' corporate credit rating. The outlook was revised to positive from stable, following improved operating performance in recent quarters. The Norfolk, Va.-based freight railroad company has about $8 billion of debt (adjusted for operating leases). The outlook revision reflects Standard&Poor's belief that solid market fundamentals and Norfolk Southern's commitment to improving its financial profile will lead to improved credit protection measures over the near to intermediate term. 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
