Fitch Ratings has rated U.S. Bancorp's (USB) series F preferred stock 'BBB'.
On Jan. 18, 2012, USB issued Series F preferred stock, proceeds of which will be used primarily to redeem certain trust preferred securities (TRUPs) as well as for general corporate purposes.
This rating has been assigned in accordance with Fitch's updated 'Rating Bank Regulatory Capital and Similar Securities,' dated Dec. 15, 2011. Other similarly preferred issuances of U.S. Bancorp are unaffected at this time, but will be addressed at a later date.
USB operates one of the premier banking franchises in the U.S., with a retail banking network spanning 25 states which is augmented by meaningful presence in payment systems, corporate trust, asset management, and business credit cards.
Fitch has assigned the following rating:
--Series F preferred stock at 'BBB'.
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings
In addition to the source(s) of information identified in the Master Criteria, this action was additionally informed by information provided by the company.
Applicable Criteria and Related Research
--Global Financial Institutions Rating Criteria, Dec. 16, 2011;
--Bank Holding Company Criteria, Dec. 16, 2011;
--Rating Bank Regulatory Capital and Similar Securities dated Dec. 15, 2011..
Applicable Criteria and Related Research:
Rating Bank Regulatory Capital and Similar Securities
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings
Primary Analyst
Justin Fuller, CFA,
+1-312-368-2057
Director
70 West Madison Street
Chicago,
IL 60602
or
Secondary Analyst
Julie Solar, +1-312-368-5472
Senior
Director
or
Committee Chairperson
Thomas Abruzzo,
+1-212-908-0793
Managing Director
or
Media Relations:
Brian
Bertsch, +1-212-908-0549
Email: brian.bertsch@fitchratings.com