(The Associated Press circulated the following on July 25.)
NEW YORK — Standard & Poor’s Ratings Services on Wednesday assigned a “A” rating to Union Pacific Railroad Co.’s $479.3 million in equipment trust certificates, citing the railroad operator’s strong competitive position and financial stability.
The debt is being used to fund the purchase of railroad equipment.
The rating is above the Omaha, Neb.-based company’s corporate credit rating, currently at “BBB.”
Shares of Union Pacific fell $1.74 to $123.25 in afternoon trading.