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Rating Action:

MOODY'S UPGRADES U.S. BANCORP (SENIOR TO Aa3 FROM A1) AND U.S. BANK, N.A. (DEPOSITS TO Aa2 FROM Aa3)

12 Jul 2002
MOODY'S UPGRADES U.S. BANCORP (SENIOR TO Aa3 FROM A1) AND U.S. BANK, N.A. (DEPOSITS TO Aa2 FROM Aa3)

.

New York, July 12, 2002 -- Moody's Investors Service upgraded the long-term ratings of U.S. Bancorp and its rated subsidiaries. The long-term senior ratings of U.S. Bancorp, the holding company, were raised to Aa3 from A1, and the long-term deposit and bank financial strength ratings of U.S. Bank, N.A., the principal operating bank subsidiary, were raised to Aa2 from Aa3, and to B+ from B, respectively. The Prime-1 short-term ratings of both the holding company and the bank were affirmed. The outlook for all ratings is stable. This rating action concluded the review for possible upgrade initiated by Moody's on April 4, 2002.

Moody's said that the successful merger of U.S. Bancorp and Firstar Corporation, and acquisitions of complementary businesses such as NOVA, a leading payment services provider, produced a broad-based financial services enterprise with good prospects for continuing stable earnings growth. An efficient operating platform and streamlined loan portfolio, augmented by economies of scale, a solid core deposit base, and a wide range of operating products and services, underlie the firm's strong profitability and positive earnings prospects.

The ratings also take into account U.S. Bank's exposure to small and medium-sized companies involved in basic manufacturing industries, said Moody's, which are particularly sensitive to economic cycles. For this reason, the bank's asset quality indicators deteriorated during the cooling economy in 2001. An aggressive repositioning for disposal of certain non-strategic assets also contributed to the bank's weakening asset quality in the past year. Moody's noted, however, that for the past two to three quarters the bank's asset quality indicators have improved, and that its credit discipline remains conservative.

Both the holding company and the operating bank benefit from sufficient liquidity, according to Moody's. The holding company's net short-term position is positive, as a matter of company practice, which allows it to satisfy all operating expenses and maturing debt obligations for at least one year without relying on dividends from regulated operating subsidiaries or access to capital markets funding. The bank's net cash capital position is also positive, indicating that it could continue operating without major disruption, for a substantial length of time, should the wholesale markets become unavailable.

The following issuers and ratings were affected:

U.S. Bancorp

- commercial paper: P-1 affirmed

-senior obligations and issuer rating: to Aa3 from A1

- subordinated debt and shelf: to A1 and (P)A1 from A2 and (P)A2

- preferred stock shelf: to (P)A2 from (P)A3 from

U.S. Bank, N.A.

- short-term ratings: P-1 affirmed

- bank financial strength: B+ from B

- long-term deposits, senior obligations, issuer, and OSO ratings: to Aa2 from Aa3

- subordinated debt: to Aa3 from A1

U.S. Bank, N.A., ND

- short-term obligations: P-1 affirmed

- bank financial strength: to B from C

- senior obligations, issuer, and OSO ratings: to Aa2 from Aa3

USB Capital I through V

- trust preferred stock and shelf: to A1 and (P)A1 from A2 and (P)A2

U.S. Bancorp, a financial services holding company headquartered in Minneapolis, MN, reported $165 billion in total assets at March 31, 2002.

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Les Muranyi
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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