North American freight railroad industry's positive risk characteristics Price competition from other railroads and trucking companies in certain commodities Strong competitive position with diversified mix of commodities and customers Capital intensity of the business Significant debt burden The outlook on Norfolk Southern Corp. is stable. Despite declining volumes in certain key commodities (coal and agriculture), Standard&Poor's Ratings Services expects pricing to remain favorable and operating efficiency to continue to improve, resulting in stable earnings and credit metrics in 2013. Favorable pricing conditions, cost controls, and a commitment to moderate financial policies are key supporting factors of the ratings. If the financial profile weakens, either as a result of greater-than-expected shareholder rewards or earnings pressures, resulting in funds from
