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S&P corrects BNSF Trust Preferreds rating
S&P said it revised its rating on BNSF Funding Trust 1’s trust-preferred securities to A- from A, citing a rating error that has existed since the agency’s Hybrid Capital Handbook was published in 2008.
The securities were originally rated in 2005.
“Due to an error, the rating was not revised on the securities when the 2008 criteria was introduced and subsequently the rating on the securities continued to reflect only a one-notch differential from our issuer credit rating on Burlington Northern Santa Fe. Accordingly, our ratings on the securities should have at all times since Sept. 15, 2008, been two notches lower than our issuer credit rating on Burlington Northern Santa Fe instead of only one notch,” S&P said in a press release.
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