NEW YORK (Standard & Poor's) Nov. 23, 2004--Standard & Poor's Ratings Services said today that it assigned its 'BBB' rating to the $250 million 4.875% notes due 2015 of Union Pacific Corp. (BBB/Positive/A-2). Standard & Poor's also affirmed its corporate credit rating on the company. The Omaha, Neb.-based freight railroad company has about $10 billion of lease-adjusted debt. "We expect Union Pacific's operating and financial performance to improve as crew levels are optimized, service levels improve, and revenues benefit from continuing strong demand," said Standard & Poor's credit analyst Lisa Jenkins. "This could lead to an upgrade of the rating over the intermediate term." Union Pacific operates a large rail network, which covers 23 states across the western U.S. It
