NEW YORK (Standard&Poor's) Dec. 21, 2005--Standard&Poor's Ratings Services said today that it revised its outlook on the 'A+/A-1' counterparty credit ratings on U.S. Bancorp and its subsidiaries to positive from stable. "The positive outlook for U.S. Bancorp reflects its consistently strong core profitability and lower credit risk profile, which has translated into lower credit costs and lower volatility of operating results," said Standard&Poor's credit analyst Victoria Wagner. U.S. Bancorp operates with the highest pretax operating margin of all of the large regional and large complex banks. Profitability measures have held strong in the midst of the current challenging interest rate cycle. Given U.S. Bancorp's low-cost, core retail funding profile and the overall asset-sensitive position
