Excellent diversified 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, supported by stable fee income, which generates consistent revenue and earnings Outperformance of bank industry averages, with top-tier return and efficiency metrics Economic shock from the pandemic will likely result in elevated loan losses Lower targeted capital ratios than most of its superregional and money center bank peers Higher percentage of brokered deposits than peers The stable outlook on U.S. Bancorp (USB) and its operating subsidiaries reflects S&P Global Ratings' expectations that, notwithstanding the effects of the COVID-19 pandemic, the bank will maintain financial performance that is
