Diversified revenue streams High operating efficiency Consistently strong profitability measures Targeted acquisition strategy, with good execution Relatively aggressive distributions to shareholders via dividends and share repurchases Standard&Poor's Ratings Services' ratings on U.S. Bancorp (USB) reflect the bank's continuing generation of well-above-average profitability among its peer group of large regional and large complex banks, even though it has maintained a relatively low-risk business mix and growth strategy. USB's results are significantly less volatile than those of many of its competitors, and profitability measures have remained strong, despite the current challenging interest rate environment. USB, with $238 billion of assets at Dec. 31, 2007, is the parent company of U.S. Bank, the sixth-largest U.S. commercial bank. USB benefits from a
