On Jan. 27, 2006, Standard&Poor's Ratings Services raised its ratings on U.S. Bancorp, including its counterparty credit ratings, which were raised to 'AA-/A-1+' from 'A+/A-1'. Standard&Poor's also raised its long-term counterparty credit ratings on U.S. Bancorp's subsidiaries, U.S. Bank National Assn. and U.S. Bank National Assn. N.D., to 'AA' from 'AA-'. The outlook was revised to stable from positive. The ratings upgrade for U.S. Bancorp and its units reflects the company's sector-leading core earnings performance and a consistency of performance throughout a challenging interest rate cycle. The ratings also reflect the company's lower credit risk profile, which has translated into lower credit costs and lower volatility of operating results. U.S. Bancorp operates with the highest pretax