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Moody’s gives Norfolk Southern notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to Norfolk Southern Corp.’s new senior unsecured notes due 2045.
The outlook is stable.
Net proceeds will be used for general corporate purposes, including helping fund the $1.2 to $1.3 billion of shares that the company intends to repurchase in 2015.
Moody’s said the Baa1 rating considers Norfolk Southern's position as one of two major freight railroads in the eastern U.S., which makes the company an integral part of the nation's transportation infrastructure. The rating is also supported by the company's freight diversity, relative stability in operating profits and manageable debt levels compared to the company's size and cash flow generating capability.
In addition, the railroad's record of good cash generation enables the company to make ongoing substantial investments to maintain its assets and the quality of its service offerings over time, the agency said.
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