NEW YORK (Standard&Poor's) June 2, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'AA/A-1+' counterparty credit rating on U.S. Bancorp (USB). The outlook is stable. "Our ratings on 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," said Standard&Poor's credit analyst Scott Sprinzen. USB's results are significantly less volatile than those of many of its competitors, and profitability measures have remained strong, despite the current challenging economic environment. USB's excellent business position, well-above average profit-generating ability, strong capitalization, and excellent liquidity and funding flexibility should enable the company
