...NEW YORK (Standard & Poor's) Feb. 20, 2003-- Standard & Poor's Ratings Services said today that it affirmed its ratings on U.S. Bancorp, including its 'A/A-1' counterparty credit rating, following the company's announcement that it plans to spin off its wholly owned subsidiary, U.S. Bancorp Piper Jaffray (Piper Jaffray), to U.S. Bancorp shareholders. The outlook is positive. The company is anticipating the spin-off will be completed in third-quarter 2003, and U.S. Bancorp shareholders will receive shares of the new Piper Jaffray in a tax-free stock dividend distribution. The new Piper Jaffray will be an independent, publicly traded company. After the spin-off, U.S. Bancorp will not retain an equity interest in the new Piper Jaffray and is not expected to establish any legal contingency reserves related to Piper Jaffray's business. U.S. Bancorp is expected to hold an approximate $215 million subordinated debt interest in the new Piper Jaffray, which is currently part of Piper Jaffray's capitalization....
