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Related Issuers
Allfirst Preferred Asset Trust
Allfirst Preferred Capital Trust
American Express Company
American Express Company Capital Trust II
ASBC Capital I
ASBC Capital II
ASBC Capital III
Associated Banc-Corp
Astoria Capital Trust I
Astoria Financial Corporation
BancorpSouth Capital Trust I
BancorpSouth, Inc.
BB&T Capital Trust I
BB&T Capital Trust II
BB&T Capital Trust IV
BB&T Capital Trust V
BB&T Capital Trust VI
BB&T Capital Trust VII
BB&T Capital Trust VIII
BB&T Corporation
Capital One Capital II
Capital One Capital III
Capital One Capital IV
Capital One Capital V
Capital One Capital VI
Capital One Financial Corporation
Charles Schwab Corporation (The)
Comerica Capital Trust I
Comerica Capital Trust II
Comerica Incorporated
Cullen/Frost Bankers, Inc.
Cullen/Frost Capital Trust II
FCB/NC Capital Trust I
Fifth Third Bancorp
Fifth Third Capital Trust II
Fifth Third Capital Trust IV
Fifth Third Capital Trust V
Fifth Third Capital Trust VI
Fifth Third Capital Trust VII
First Citizens BancShares, Inc.
First Horizon National Corporation
First Maryland Capital I
First Maryland Capital II
First Tennessee Capital I
First Tennessee Capital II
First Tennessee Capital III
First Tennessee Capital IV
Fulton Capital Trust I
Fulton Financial Corporation
Haven Capital Trust II
HSBC USA Capital Trust I
HSBC USA Capital Trust III
HSBC USA Capital Trust V
HSBC USA Capital Trust VI
HSBC USA Inc.
Huntington Bancshares Capital Trust I
Huntington Bancshares Incorporated
Huntington Capital II
Huntington Capital III
Huntington Capital IV
Huntington Capital V
Huntington Capital VI
KeyCorp
KeyCorp Capital I
KeyCorp Capital II
KeyCorp Capital III
Keycorp Capital IX
KeyCorp Capital V
KeyCorp Capital VI
KeyCorp Capital VII
KeyCorp Capital VIII
KeyCorp Capital X
M&T Bank Corporation
M&T Capital Trust I
M&T Capital Trust II
M&T Capital Trust III
M&T Capital Trust IV
M&T Capital Trust V
M&T Capital Trust VI
National City Capital Trust II
National City Capital Trust III
National City Capital Trust IV
New York Community Bancorp, Inc.
New York Community Capital Trust V
Northern Trust Corporation
NTC Capital I
NTC Capital II
NTC Capital III
NTC Capital IV
NTC Capital V
Old National Bancorp
ONB Capital Trust II
PNC Capital Trust C
PNC Capital Trust D
PNC Capital Trust E
PNC Capital Trust F
PNC Capital Trust G
PNC Capital Trust H
PNC Financial Services Group, Inc.
Raymond James Financial, Inc.
RJF Capital Trust I
RJF Capital Trust II
RJF Capital Trust III
Santander Holdings USA, Inc.
Schwab Capital Trust I
Schwab Capital Trust II
Schwab Capital Trust III
Sky Financial Capital Trust I
Sovereign Capital Trust IV
Sovereign Capital Trust V
Sovereign Capital Trust VI
State Street Capital Trust I
State Street Capital Trust IV
State Street Capital Trust V
State Street Capital Trust VI
State Street Corporation
SVB Capital II
SVB Financial Group
U.S. Bancorp
USB Capital IX
USB Capital VI
USB Capital VII
USB Capital VIII
USB Capital X
USB Capital XI
USB Capital XII
USB Capital XIII
USB Capital XIV
USB Capital XV
USB Capital XVI
Rating Action:

Moody's reviews US bank trust preferreds for downgrade

03 Dec 2009

New York, December 03, 2009 -- Moody's Investors Service placed on review for possible downgrade the ratings on 72 cumulative junior subordinated debt securities (primarily trust preferred securities) issued by 26 US banks or their holding companies. The reviews are part of the implementation of Moody's revised bank hybrid rating methodology ("Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt," dated November 2009) and add to the reviews announced on November 18. Under the revised rating methodology, the ratings on these securities could be lowered by one notch to incorporate coupon deferral risk.

The cumulative junior subordinated debt securities that are being placed on review were issued by US banks or their holding companies where Moody's assumption of systemic support (if any) does not impact current ratings (i.e. -- there is no ratings "lift" for systemic support). Under the revised rating methodology, the ratings on these securities could be lowered by one notch. This would place the ratings for cumulative junior subordinated debt one notch below the ratings for senior subordinated debt of the same bank because junior subordinated debt has coupon deferral risk due to its features.

The ratings on cumulative junior subordinated debt issued by banks or bank holding companies with ratings that do currently benefit from systemic support were unaffected by this action. In those instances, the cumulative junior subordinated debt securities are already rated lower than the bank's senior subordinated debt obligations or they are already on review for possible downgrade.

Moody's expects to complete the reviews of individual cumulative junior subordinated debt ratings over the next three months and will announce the outcome of each review as it is completed. For banks with other ratings already under review, any changes to their junior subordinated debt ratings will be made at the same time the reviews of their other ratings are resolved.

The following US bank families have at least one security affected by today's rating action:

AMERICAN EXPRESS COMPANY

ASSOCIATED BANC-CORP

ASTORIA FINANCIAL CORPORATION

BANCORPSOUTH, INC.

BB&T CORPORATION

CAPITAL ONE FINANCIAL CORPORATION

CHARLES SCHWAB CORPORATION (THE)

COMERICA INCORPORATED

CULLEN/FROST BANKERS, INC.

FIFTH THIRD BANCORP

FIRST CITIZENS BANCSHARES, INC.

FIRST HORIZON NATIONAL CORPORATION

FULTON FINANCIAL CORPORATION

HSBC USA INC.

HUNTINGTON BANCSHARES INCORPORATED

KEYCORP

M&T BANK CORPORATION

NEW YORK COMMUNITY BANCORP, INC.

NORTHERN TRUST CORPORATION

OLD NATIONAL BANCORP

PNC FINANCIAL SERVICES GROUP, INC.

RAYMOND JAMES FINANCIAL, INC.

SOVEREIGN BANCORP INC.

STATE STREET CORPORATION

SVB FINANCIAL GROUP

U.S. BANCORP

A detailed list of ratings affected is available on the company's website at http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBC_121571.

On Review for Possible Downgrade:

..Issuer: ASBC Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: ASBC Capital II

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: ASBC Capital III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Allfirst Preferred Asset Trust

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Allfirst Preferred Capital Trust

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: American Express Company Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: Associated Banc-Corp

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Astoria Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: BB&T Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BB&T Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BB&T Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BB&T Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BB&T Capital Trust VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BB&T Capital Trust VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BB&T Capital Trust VIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BB&T Corporation

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: BancorpSouth Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Capital One Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Capital One Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Capital One Capital IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Capital One Capital V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: Capital One Capital VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: Capital One Financial Corporation

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Charles Schwab Corporation (The)

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Comerica Capital Trust I

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Comerica Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: Cullen/Frost Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: FCB/NC Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Fifth Third Bancorp

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fifth Third Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fifth Third Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fifth Third Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fifth Third Capital Trust VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fifth Third Capital Trust VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: First Maryland Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: First Maryland Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: First Tennessee Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: First Tennessee Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: First Tennessee Capital III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: First Tennessee Capital IV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Fulton Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: HSBC USA Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: HSBC USA Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: HSBC USA Capital Trust V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: HSBC USA Capital Trust VI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: HSBC USA Inc.

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Haven Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Huntington Bancshares Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: Huntington Bancshares Incorporated

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: Huntington Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: Huntington Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: Huntington Capital IV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: Huntington Capital V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: Huntington Capital VI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: KeyCorp

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: KeyCorp Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: KeyCorp Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: KeyCorp Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: KeyCorp Capital V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: KeyCorp Capital VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: KeyCorp Capital VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: KeyCorp Capital VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: KeyCorp Capital X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: Keycorp Capital IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: M&T Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: M&T Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: M&T Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: M&T Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: M&T Capital Trust V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: M&T Capital Trust VI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: NTC Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NTC Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: NTC Capital III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: NTC Capital IV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: NTC Capital V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: National City Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: National City Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: National City Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: New York Community Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: ONB Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: PNC Capital Trust C

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: PNC Capital Trust D

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: PNC Capital Trust E

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: PNC Capital Trust F

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: PNC Capital Trust G

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: PNC Capital Trust H

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: PNC Financial Services Group, Inc.

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

..Issuer: RJF Capital Trust I

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: RJF Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: RJF Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: Raymond James Financial, Inc.

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SVB Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Schwab Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: Schwab Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Schwab Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Sky Financial Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: Sovereign Bancorp, Inc.

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Sovereign Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Sovereign Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: Sovereign Capital Trust VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

..Issuer: State Street Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: State Street Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: State Street Capital Trust V

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: State Street Capital Trust VI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: U.S. Bancorp

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital IX

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital VI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital VII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XI

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XIV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: USB Capital XVI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Barbara J. Havlicek
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews US bank trust preferreds for downgrade
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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