NEW YORK (Standard&Poor's) May 29, 2002— Standard&Poor's said today it raised its corporate credit rating on Union Pacific Corp. to triple-'B' from triple-'B'-minus and its commercial paper rating to 'A-2' from 'A-3', citing the railroad company's improved operating performance and financial measures. In addition, ratings on equipment trust certificates of related unit Union Pacific Railroad Co. were raised to single-'A' from single-'A'-minus. At the same time, Standard&Poor's assigned preliminary triple-'B' senior unsecured debt, triple-'B'-minus subordinated debt, and double-'B'-plus preferred stock ratings to Union Pacific's $1 billion Rule 415 shelf registration. The outlook is positive. Omaha, Neb.-based Union Pacific is the largest railroad in the U.S. and has about $10.8 billion of debt (including off-balance
