Fitch affirms Norfolk Southern ratings |
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Mon, 19 Nov 2007 20:56
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CHICAGO (AP) - Fitch Ratings affirmed its investment-grade ratings on Norfolk Southern Corp. Monday, citing strong performance despite lagging rail freight demand.Fitch affirmed 'BBB+' ratings for Norfolk Southern's issuer default, senior unsecured debt and unsecured credit facility as well as an 'F2' short-term debt rating. It set Norfolk Southern's outlook at stable.'Although volumes have declined over the past year, a firm industry pricing environment has led to continued margin strength, and Norfolk Southern continues to post the lowest operating ratio of the U.S-based Class I railroads,' Fitch said in a statement.While the company expects weak demand to continue through the first half of 2008, strong pricing, lower expenses and improved productivity should boost results, Fitch said.Norfolk Southern shares fell 64 cents to $49.79 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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