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Fitch rates CSX notes BBB-
Fitch Ratings said it assigned a rating of BBB- to CSX Corp.'s $400 million of 5¾% senior unsecured notes due 2013 and $600 million of 6¼% senior unsecured notes due 2018.
The outlook is stable.
Proceeds are expected to help fund CSX's $3 billion share repurchase program, according to Fitch.
The ratings are based on the railroad's improving operating profile and expectations for favorable long-term industry demand, offset by relatively aggressive plans to return cash to shareholders through increased leverage, the agency said.
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