NEW YORK (Standard&Poor's) Oct. 22, 2013--Standard&Poor's Ratings Services today assigned its 'A-' issue rating to Union Pacific Corp.'s $500 million senior unsecured notes due 2043. Union Pacific will use the proceeds from the notes for general corporate purposes, including the repurchase of common stock. The ratings on Omaha, Neb.-based Union Pacific reflect the U.S. freight railroad industry's favorable risk characteristics, as well as the company's solid competitive position, moderate financial policies, and strong liquidity. Price competition from other railroads and trucking companies on selected commodities and the company's high capital requirements, typical of the industry, somewhat offset these strengths. We characterize the company's business risk as "strong," its financial risk as "intermediate," and its liquidity as
