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Despite ongoing share repurchase programs, railroads' liquidity will remain strong into 2009, according to Fitch Ratings' latest report on liquidity in the rail, trucking and airline industries.

Although market conditions likely will be more challenging next year and railroads' traffic volumes are projected to decline, their pricing growth should drive ongoing strength in free cash flow, the report states.

However, truckers' liquidity position is mixed despite relatively light near-term debt maturities. Truckers likely will face challenging industry conditions in 2009 that will place pressure on their free cash flow, the "Liquidity Focus: U.S. Transportation" report states.