NEW YORK (Standard&Poor's CreditWire) July 23, 1999--Standard&Poor's today revised its outlook on Union Pacific Corp. and its subsidiaries to stable from negative. At the same time, Standard&Poor's has affirmed its outstanding ratings on the company and its subsidiaries (see list below). The outlook revision reflects several quarters of steady financial and operational recovery from serious congestion following the acquisition of railroad Southern Pacific Corp., and as a result, substantially diminished regulatory concerns. For the second quarter of 1999, main operating unit Union Pacific railroad reported operating income of $426 million versus a $147 million loss in 1998's second quarter. The second quarter of 1999 was the fourth consecutive quarter of profitability, after three consecutive
