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S&P assigns Union Pacific notes BBB+
Standard & Poor's said it assigned a BBB+ rating to Union Pacific Corp.'s new $500 million of senior unsecured notes due 2041.
The proceeds will be used for repayment of outstanding indebtedness, repurchases of common stock, capital expenditures, working capital requirements and general corporate purposes.
The ratings reflect the favorable risk characteristics of the U.S. freight railroad industry, as well as the company's solid competitive position, moderate financial policies and strong liquidity, S&P said.
Price competition from other railroads and trucking companies in selected commodities and the capital intensity of the industry somewhat offset these strengths, the agency said.
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