Excellent franchise with strong market shares in the Midwestern and western U.S. Diverse revenue sources across fee and interest-income businesses Straightforward business model focused on traditional banking More conservative underwriting than most peers during the recent financial crisis Cautious growth strategy, consisting largely of organic loan growth and strategic bolt-on acquisitions Outperformance versus peers, with predictable revenue and earnings Reliant solely on the U.S. economy, which is slowly recovering from the recession Nonperforming and restructured loans continue to exceed historical levels, which could lead to higher charge-offs The stable outlook on U.S. Bancorp and its operating subsidiaries (USB) reflects Standard&Poor's Ratings Services' expectation that the company will maintain consistent revenue and earnings and that credit quality should continue
