Moody's assigns new Norfolk Southern notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Norfolk Southern Corp.'s new $600 million senior notes due 2022.

The company's other ratings are unaffected by the assignment.

The outlook is stable.

Moody's said the rating reflects its expectation for continued improvement in financial results as slow economic growth drives freight demand in the railroad industry.

The ratings consider the company's steady improvement in operational performance and moderate and manageable debt levels relative to the company's size and cash flow generating capability, the agency said.

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