Large rail network, primarily in the eastern U.S., with strategic access to major manufacturing and distribution centers; Diversified traffic mix across industrial, commodities, and intermodal segments; and Management has implemented new operational initiatives intended to improve the railroad's operating performance substantially. We expect relatively stable credit metrics, with debt to EBITDA remaining in the low to mid-2x area and funds from operations (FFO) to debt around 30%; and We expect aggressive shareholder returns, with significantly more share repurchases. S&P Global Ratings' outlook on Jacksonville, Fla.-based CSX Corp. is stable. We base this outlook on the expectation of continued modest improvement in overall carloads and pricing, along with cost reduction efforts, to aid the company's operating performance over the next two
