NEW YORK (Standard&Poor's) Oct. 20, 2010--Standard&Poor's Ratings Services said today that U.S. Bancorp's (USB; A+/Stable/A-1) relatively strong third-quarter earnings, given the current operating environment, will not affect the ratings. The company posted pretax earnings of $1.15 billion, up 22% from the previous quarter's adjusted earnings ($940 million), and 67% from the prior year. Positively, unlike most if its peers, earnings included a slight reserve build rather than a reserve release. Revenue increased 1.13% sequentially, largely reflecting an increase in average earning assets. Notably, average total loans rose 0.7% on a sequential basis largely due to new business wins as loan utilization remains near historically low levels. The net interest margin (NIM) rose 1 basis point (bp)
