NEW YORK (Standard&Poor's) Aug. 4, 2011--Standard&Poor's Ratings Services said today that it has assigned its 'BBB+' issue-level rating to Union Pacific Corp.'s new $500 million senior unsecured notes due 2041. Union Pacific will use proceeds from the notes for repayment of outstanding indebtedness, repurchases of common stock, capital expenditures, working capital requirements, and general corporate purposes. The ratings on Omaha, Neb.-based Union Pacific reflect the favorable risk characteristics of the U.S. freight railroad industry, as well as the company's solid competitive position, moderate financial policies, and strong liquidity. Price competition from other railroads and trucking companies in selected commodities and the capital intensity of the industry somewhat offset these strengths. Given rising freight volumes, strong operating
