• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
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Announcement:

Moody's places US Bancorp on review for possible downgrade (senior at Aa3)

Global Credit Research - 20 Sep 2012

New York, September 20, 2012 -- Moody's Investors Service placed the long-term ratings of US Bancorp and its subsidiaries on review for possible downgrade. US Bancorp is rated Aa3 for senior debt and its lead operating bank, U.S. Bank National Association, has a standalone bank financial strength rating of B+, which maps to a baseline credit assessment of aa2. The bank's long-term deposit rating is Aa2. The short-term Prime-1 ratings of US Bancorp and its subsidiaries were affirmed and are not on review.

RATINGS RATIONALE

US Bancorp is a strong, diverse, and well-managed bank that generated positive earnings with comparatively limited volatility throughout the recent downturn. That performance resulted in a significant competitive advantage and allowed US Bancorp to invest in its business at a time when many other banks were internally focused.

Nonetheless, the rating review will consider US Bancorp's long-term ability to sustain its consistent, superior performance in light of increasing competition now that its peers have largely returned to health and are actively seeking growth.

In addition, although US Bancorp's recent investments have thus far supported its earnings growth, some of its expanded businesses, like mortgage banking, expose it to incremental volatility, and this will be considered during the review. In Moody's opinion, this increase in potential volatility is particularly pertinent for US Bancorp because its capital profile, while healthy, does not distinguish it from its peers. Moreover, US Bancorp actively manages its capital as reflected in management's high total targeted payout ratio of 60-80%.

"Despite the review, US Bancorp's position near the top of our rated bank universe is not in question", said Moody's Senior Vice President Allen Tischler. Indeed, the rating agency noted that if a downgrade results from this review, it is expected to be limited to one notch. This reflects US Bancorp's superior operating efficiency, revenue diversity, strong credit quality and limited concentration risk.

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Allen H. Tischler
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places US Bancorp on review for possible downgrade (senior at Aa3)
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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