Fitch: Norfolk Southern notes BBB+

Fitch Ratings said it assigned a rating of BBB+ to Norfolk Southern Corp.'s new $400 million in 6% senior unsecured notes due May 2111.

The proceeds are expected to be used for general corporate purposes.

The company has an issuer default rating is BBB+.

The outlook is stable.

The ratings reflect the company's improving financial profile and strong liquidity, Fitch said.

Improved operating results and a meaningful decline in debt over the past 15 months resulted in a decline of lease-adjusted leverage to 2.4x as of March 31 from a peak of 3.2x at the end of 2009, the agency said.

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