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U.S. Bancorp and Subsidiaries Upgraded by Standard & Poor's

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 27, 2006--Standard & Poor's (S&P) Ratings Services announced today that it has raised the ratings on U.S. Bancorp (NYSE:USB), including its counterparty credit ratings, to AA-/A-1+ from A+/A-1.

S&P also raised its long-term counterparty credit ratings on U.S. Bancorp's subsidiaries, U.S. Bank National Association and U.S. Bank National Association N.D., to AA from AA-. This AA rating is currently the highest rating given by S&P to any domestic bank. The rating agency also revised its outlook for U.S. Bancorp to stable from positive.

Credit analyst Victoria Wagner had the following remarks regarding U.S. Bancorp in the S&P announcement "The ratings upgrade for U.S. Bancorp and its units reflects the company's sector-leading core earnings performance and a consistency of performance throughout a challenging interest rate cycle. The ratings also reflect the company's lower credit risk profile, which has translated into lower credit costs and lower volatility of operating results."

The S&P announcement included the following information on U.S. Bancorp:

"U.S. Bancorp operates with the highest pretax operating margin of all of the large regional and large complex banks. Given U.S. Bancorp's low-cost, core retail funding profile and close management of interest rate risk, core earnings should benefit with rising interest rates and a steeper yield curve.

"U.S. Bancorp maintains strong market positions in several business lines, including merchant processing (the nation's third largest), corporate trust, and corporate credit cards. The high number of diverse national business lines has consistently generated a high level of core profitability even in the midst of challenging credit and interest rate cycles.

"U.S. Bancorp's quarterly capital-generating capacity remains strong, and its current level of strong profitability should be sustainable given its strong operating efficiencies, business and revenue diversification, and the high component of fee-based revenues. The successful build-out and growth of key nonbanking businesses have driven the strong level of revenue diversification. Critical capital and asset quality measures are expected to stay within U.S. Bancorp's normal historic range."

U.S. Bancorp, with assets of $209 billion, is the 6th largest financial holding company in the United States. The company operates 2,419 banking offices and 5,003 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784

SOURCE: U.S. Bancorp

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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