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 Superior business stability, which generates consistent revenue and earnings Outperformance versus bank industry averages, with top-tier return and efficiency metrics Exposure to credit cycles from concentrations in commercial and consumer lending Subject to regulatory enforcement action because of Bank Secrecy Act/anti-money laundering compliance deficiencies The stable rating outlook on U.S. Bancorp (USB) and its operating subsidiaries reflects S&P Global Ratings' expectations that they will maintain financial performance that is stronger than peers' and that conservative underwriting standards and strong reserve coverage will continue to support credit quality. In addition, we expect
