Excellent banking franchise with strong market shares, particularly across the Midwestern and Western U.S. Conservative risk appetite and growth strategy focused on organic loan growth and strategic bolt-on acquisitions Outperformance versus bank industry averages, with top-tier return and efficiency metrics Exposure to credit cycles from concentrations in commercial and consumer lending Elevated level of restructured loans, which could lead to an increase in charge-offs Our stable rating outlook on U.S. Bancorp (USB) and its operating subsidiaries reflects Standard&Poor's Ratings Services' expectations that the company will continue to generate financial performance that is stronger than peers' and that conservative underwriting standards and strong reserve coverage will continue to support its credit quality. In addition, we expect that USB's earnings
