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PLEASE READ AND SCROLL DOWN!

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Rating Action:

Moody's downgrades US Bancorp (senior debt to A1 from Aa3)

06 Dec 2012

New York, December 06, 2012 -- Moody's Investors Service downgraded the long-term ratings of US Bancorp and its subsidiaries. US Bancorp's senior debt rating was lowered to A1 from Aa3 and the standalone bank financial strength rating (BFSR)/baseline credit assessment (BCA) of its lead operating bank, U.S. Bank National Association, was lowered to B/aa3 from B+/aa2. The bank's long-term deposit rating was lowered to Aa3 from Aa2. This concludes the review for possible downgrade that commenced on September 20, 2012. The Prime-1 rating of US Bancorp was not on review and remains unchanged. Following today's rating action, the outlook on US Bancorp is stable.

RATINGS RATIONALE

Moody's said that the downgrade of US Bancorp reflects the inescapable challenges that even a well-managed and diverse banking franchise currently faces. Among these challenges are protracted low interest rates that will place pressure on US Bancorp's net interest margin, evolving operating constraints that will continue to affect revenues and expenses, including those influenced by regulation, and heightened lending competition from peers that are actively seeking to expand in a slow-growth economy. Additionally, US Bancorp has increased its dependence on potentially volatile mortgage banking income. Taken together, these challenges suggest a modest decrease in US Bancorp's core earnings power relative to Moody's previous expectations.

Notwithstanding today's downgrade, US Bancorp continues to be one of Moody's highest-rated banks, both domestically and globally. This positioning recognizes the strength of its diverse business model, which results in limited concentration risk, superior operating efficiency, and above average and more stable earnings than other banks. Moreover, to the extent these attributes endure, US Bancorp will remain comparatively highly-rated.

Despite US Bancorp's business line diversity, the rating agency noted that US Bancorp's expanded mortgage banking platform exposes it to some incremental volatility, particularly as gain on sale margins weaken from their current historically high levels. In Moody's view, US Bancorp's recent growth in mortgage banking has been well-timed, but the business has attracted significant regulatory and political attention, and the ultimate structure of the US mortgage market remains unclear. As a result, while currently robust, US Bancorp's earnings from mortgage banking are exposed to heightened volatility, with a bias towards weaker earnings over time, said Moody's.

The stable outlook on US Bancorp's ratings reflects the strengths cited above as well as US Bancorp's strong credit quality, prudent liquidity and good capital position.

Finally, as part of today's rating action, Moody's also downgraded the backed long-term deposit and issuer ratings of US Bancorp's Irish subsidiary, Elavon Financial Services Limited, to Aa3 from Aa2 and left the ratings on review for possible further downgrade. Elavon's ratings have historically been linked to those of US Bank, NA, which guarantees Elavon's obligations. However, as a result of Moody's September 2012 reduction in Ireland's country ceiling to A3 from Aaa, Elavon's long-term ratings will remain on review for possible downgrade.

In reviewing Elavon's ratings, Moody's will evaluate the existing US Bank, NA guarantee and other documents to assess the risk to Elavon's creditors of a potential exit and currency redenomination in the unlikely event of a default by the Irish sovereign. Additionally, because Elavon's long-term ratings could be lowered to the A3 Irish country ceiling (a level that is typically consistent with a Prime-2 short-term rating), Moody's also placed Elavon's Prime-1 short-term rating on review for possible downgrade. Moody's expects to conclude the review of Elavon's ratings in the next several weeks.

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 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 the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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 downgrades US Bancorp (senior debt to A1 from Aa3)
No Related Data.
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​

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