Excellent banking franchise with strong market shares in the Midwestern and western U.S. Conservative growth strategy, consisting largely of organic loan growth and strategic bolt-on acquisitions Outperformance versus peers, with predictable revenue and earnings Exposure to credit cycles from concentrations in commercial and consumer lending Restructured loans continue to exceed historical levels, which could lead to an increase in charge-offs amid higher interest rates Our stable outlook on U.S. Bancorp (USB) and its operating subsidiaries reflects Standard&Poor's Ratings Services' expectations that the company will continue to generate results that are stronger than its peers' and that its credit quality will continue to be underpinned by conservative underwriting and strong reserve coverage. We expect USB's quality of earnings to
