Union Pacific Corp.'s Proposed Senior Unsecured Notes Due 2022, 2024, 2029, And 2049 Rated 'A-'

NEW YORK (S&P Global Ratings) Feb. 11, 2019--S&P Global Ratings today assigned 
its 'A-' issue-level rating to Union Pacific Corp.'s proposed senior unsecured 
notes due 2022, 2024, 2029, and 2049. The company will use the proceeds from 
the notes for general corporate purposes, including share repurchases.

ISSUE RATINGS--SUBORDINATION RISK ANALYSIS

Capital structure
  • Union Pacific's capital structure consists primarily of senior unsecured debt and a modest amount of secured debt, most of which was issued at the parent level.
Analytical conclusions
  • We rate Union Pacific's unsecured debt 'A-', the same as our issuer credit rating on the company, because no significant elements of subordination risk are present in its capital structure.
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