Standard&Poor's Ratings Services published its revised corporate ratings criteria on Nov. 19, 2013. We believe Omaha, Neb.-based Union Pacific Corp.'s (Union Pacific's) credit ratios are solidly in the "modest" financial risk category, as assessed under the revised criteria. We are raising our ratings on Union Pacific, including our long-term corporate credit rating to 'A' from 'A-'. We are also removing our ratings on Union Pacific from CreditWatch, where we placed them with positive implications on Nov. 26, 2013, as a result of the new criteria. The rating outlook is stable. Despite only modest volume growth, we expect Union Pacific's pricing will remain above inflation and operating efficiency will improve over the next one to two years, resulting in
