-- U.S.-based railroad Union Pacific's credit measures have
improved
year-over-year for the 12 months ended March 31, 2012.
-- We are raising our long-term ratings, including the corporate credit
rating, on Union Pacific to 'A-' from 'BBB+'.
-- The outlook is stable, reflecting our expectation for pricing to
remain favorable and operating efficiency to improve, resulting in further
earnings growth, increasing cash flow generation, and stable credit metrics.
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