Fitch affirms Norfolk Southern

Fitch Ratings said it affirmed Norfolk Southern Corp.'s issuer default rating at BBB+, senior unsecured credit facility at BBB+, senior unsecured debt at BBB+, short-term issuer default rating at F2 and commercial paper program at F2.

The ratings apply to about $6.9 billion in senior unsecured debt and a $1 billion unsecured revolving credit facility.

The outlook is stable.

The ratings reflect the company's continued financial flexibility, strong liquidity and industry leading operating performance in 2010, Fitch said.

Norfolk Southern's volumes, along with those of the U.S. railroad industry in general, have steadily recovered through the first nine months of 2010 and continued improvement is expected in 2011, the agency said.

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