NEW YORK (Standard&Poor's) July 17, 2013--Standard&Poor's Ratings Services today said its ratings on U.S. Bancorp (USB; A+/Stable/A-1) are unaffected by the company's good second-quarter results, which were in line with our expectations. Based on our expectations for low-to-mid single-digit loan growth, a stabilizing of the net interest margin (NIM) from the current level, and a decline in mortgage banking revenue, offset by continued expense controls and lower provisions, we anticipate pretax earnings to be modestly higher in 2013 compared with last year. Relative to the second quarter of 2012, revenue declined 2.4% to $4.9 billion, reflecting NIM pressure and lower mortgage banking revenue, partially offset by higher trust and investment management fees. The NIM compressed 15
