NEW YORK (Standard&Poor's) Aug. 20, 2012--Standard&Poor's Ratings Services today corrected its rating on the noncumulative preferred shares of Firstar Realty LLC by raising it to 'A-' from 'BBB+'. The 'A-' rating reflects that under adverse events, including a significant deterioration in bank capital, Firstar Realty's preferred shares would be exchangeable into preferred shares of U.S. Bank National Assn. (the operating entity), not U.S. Bancorp (the holding company). Based on our bank hybrid criteria, the rating on Firstar Realty's preferred issuance should be two notches below U.S. Bank National Assn.'s stand-alone credit profile of 'a+'. RELATED CRITERIA AND RESEARCH Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011 RATINGS LIST Upgraded To From Firstar Realty LLC Preferred
