On March 14, 2006, Standard&Poor's Ratings Services assigned its 'A' preferred stock rating to USB Capital IX's $1.25 billion fixed-to-floating-rate normal income trust securities (Normal ITS). The issuer is U.S. Bancorp (AA-/Stable/A-1+). At the same time, Standard&Poor's assigned the Normal ITS a 'Category 2 Strong' capital value under our capital classification and analysis of these securities. The rating on the Normal ITS reflects the ultimate issuance of noncumulative perpetual preferred stock. The securities will be included in Standard&Poor's adjusted total equity (ATE) calculation up to 25% of ATE. The Normal ITS are viewed as two separate transactions and are a highly complex structure. Each Normal ITS unit is a beneficial interest in a trust
