TEXT-S&P on North American transportation sector outlook

Oct 11 - A Standard & Poor's Ratings Services report published today looks
at business conditions and rating quality for North American transportation
companies for the remainder of 2012 and into 2013. The report, titled "North
America's Transportation Industry Maintains A Stable Outlook Despite Slowing
U.S. And Global Economies," reflects Standard & Poor's views on the sector as a
whole, including:

-- Our 2012 and 2013 base-case sector scenario forecasts, which we base
on key economic indicators for the sector and the broader economy. Our
baseline scenario forecast informs all areas of our credit analyses;
-- Our downside and upside scenarios for the sector;
-- Our view of the sector's business and financial risk indicators, which
include fuel prices and the balance of supply and demand in each subsector; and
-- Our views on recent and projected access to the capital markets, along
with any potential liquidity constraints some subsectors could face.

"The North American transportation sector enjoys a broadly stable outlook,"
said Standard & Poor's credit analyst Philip Baggaley. "However, it faces
major downside risks this year and next from the slowing U.S. and global
economies, Europe's sovereign and financial sector debt problems, and
potential tax increases and spending cuts in the U.S. at the start of
2013--the 'fiscal cliff'."

The report is available to subscribers of RatingsDirect on the Global Credit
Portal at www.globalcreditportal.com. If you are not a RatingsDirect
subscriber, you may purchase a copy of the report by calling (1) 212-438-7280
or sending an e-mail to research_request@standardandpoors.com. Ratings
information can also be found on Standard & Poor's public Web site by using
the Ratings search box located in the left column at www.standardandpoors.com.
Members of the media may request a copy of this report by contacting the media
representative provided.