Ratings On 34 Different Issues Lowered To 'A+/A-1'

CHICAGO (S&P Global Ratings) May 23, 2023--S&P Global Ratings lowered its ratings on 34 issues, supported by U.S. Bank N.A., to 'A+/A-1' from 'AA-/A-1+' (see the table). The rating action follows S&P Global Ratings' lowering of the ratings on U.S. Bank N.A. on May 11, 2023. (For more information, see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The ratings reflect the ratings on the letter of credit provider, U.S. Bank N.A. The long-term rating components address S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term rating components reflect S&P Global Ratings' opinion

...The rating action follows S&P Global Ratings' lowering of the ratings on U.S. Bank N.A. on May 11, 2023. (For more information, see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The ratings reflect the ratings on the letter of credit provider, U.S. Bank N.A. The long-term rating components address S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term rating components reflect S&P Global Ratings' opinion of the likelihood of...

Ratings Action