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S&P Raises U.S. Bancorp Outlook to Positive and Global Finance Lists the Company Among the ``Safest'' in the World

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 6, 2006--Standard and Poor's Ratings Services (S&P) announced on Nov. 1, 2006 that U.S. Bancorp (NYSE:USB) is among six financial holding companies that have been placed on S&P's CreditWatch with positive implications. The news comes as Global Finance lists U.S. Bancorp as the fourth-safest financial holding company in the United States, based on a collective analysis of debt ratings.

S&P currently rates U.S. Bancorp as "AA-minus," which is S&P's fourth-highest grade. S&P will evaluate U.S. Bancorp's performance after 2006 year-end results are reported to determine whether the CreditWatch placement will result in an upgrade.

The Global Finance list of the world's safest banks appears in the publication's October 2006 edition. U.S. Bancorp is ranked fourth of all U.S. banks that appear on the list, and is ranked number 28 of all banks worldwide. The list includes 50 financial institutions that have the highest long-term foreign currency ratings from Fitch Ratings and S&P, and the highest long-term bank deposit ratings from Moody's Investors Service.

"We are pleased to be given a positive outlook on S&P's CreditWatch and to be included in Global Finance's list of the world's safest banks," said David Moffett, vice chairman and chief financial officer at U.S. Bancorp. "We are proud of our history of profitability and diversification, and the third-party recognition that we are trustworthy stewards of the investments that have been made in U.S. Bancorp."

U.S. Bancorp, with assets of $217 billion, is the 6th largest financial holding company in the United States. The company operates 2,462 banking offices and 4,943 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
Teri Charest, 612-303-0732
Media Relations
OR
Judy Murphy, 612-303-0784
Investor Relations

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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