Union Pacific Corp.'s Proposed $1.5 Billion Senior Unsecured Notes Due 2060 Rated 'A-'

NEW YORK (S&P Global Ratings) Oct. 21, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Union Pacific Corp.'s proposed $1.5 billion senior unsecured notes due 2060. The company has offered to exchange the proposed notes, along with cash, for existing debt due between 2033 and 2058. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital Structure Union Pacific's capital structure primarily consists of senior unsecured debt and a modest amount of secured debt, most of which was issued at the parent level. Analytical conclusions We rate Union Pacific's unsecured debt 'A-', the same level as our issuer credit rating on the company, because no significant elements of subordination risk are present in its capital structure. Criteria Corporates General: Reflecting Subordination

...October 21, 2019 NEW YORK (S&P Global Ratings) Oct. 21, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Union Pacific Corp.'s proposed $1.5 billion senior unsecured notes due 2060. The company has offered to exchange the proposed notes, along with cash, for existing debt due between 2033 and 2058. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital Structure - Union Pacific's capital structure primarily consists of senior unsecured debt and a modest amount of secured debt, most of which was issued at the parent level. Analytical conclusions - We rate Union Pacific's unsecured debt 'A-', the same level as our issuer credit rating on the company, because no significant elements of subordination risk are present in its capital structure....

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