NEW YORK (Standard&Poor's) March 14, 2006--Standard&Poor's Ratings Services said today that it assigned its 'A' preferred stock rating to USB Capital IX's $1.25 billion fixed-to-floating-rate normal income trust securities (Normal ITS). The issuer is U.S. Bancorp (AA-/Stable/A-1+). Standard&Poor's also said that it assigned the Normal ITS a 'Category 2 Strong' capital value under our capital classification and analysis of these securities. "The rating on the Normal ITS reflects the ultimate issuance of noncumulative perpetual preferred stock," explained Standard&Poor's credit analyst Victoria Wagner. "The securities will be included in Standard&Poor's adjusted total equity calculation, up to 25% of adjusted total equity." The Normal ITS are viewed as two separate transactions and
