NY -- Standard&Poor's CreditWire 1/31/97 -- Standard&Poor's today has lowered its corporate credit and senior debt ratings for Norfolk Southern Corp. to double-'A'-minus from double-'A'. Norfolk Southern's commercial paper rating is affirmed at 'A-1'-plus. Also, Norfolk Southern unit Norfolk Southern Railway Co.'s equipment trust certificate rating is affirmed at triple-'A' (includes debt originally issued by Norfolk&Western Railway Co. and Southern Railway Co. ). These ratings remain on CreditWatch with negative implications where they were placed Oct. 23, 1996. About $1.2 billion of debt is affected. The downgrade reflects increased financial and competitive risk in the ongoing battle to acquire Conrail Inc. Norfolk Southern will purchase approximately $1.0 billion of Conrail shares in a tender
