NEW YORK (Standard&Poor's) July 25, 2003--Standard&Poor's Ratings Services said today that it raised its long-term counterparty credit rating and senior debt rating on U.S. Bancorp to 'A+' from 'A'. At the same time, the counterparty credit ratings and senior debt ratings on U.S. Bancorp's bank subsidiaries, U.S. Bank National Association and U.S. Bank National Association, ND, were raised to 'AA-/A-1+' from 'A+/A-1'. The 'A-1' short-term counterparty credit rating on U.S. Bancorp is affirmed. The outlook is stable. "Ratings on U.S. Bancorp and its units were raised based on the high level of core profitability achieved in the face of a challenging economic environment, and improvement in tangible common equity measures," said credit analyst Victoria Wagner. Revenue
