Various Short-Term Ratings Lowered On 39 Different Issues

NEW YORK (S&P Global Ratings) May 23, 2023--S&P Global Ratings lowered the short-term component of its various dual ratings on 39 issues, supported by U.S. Bank N.A. (see table). The rating action follows S&P Global Ratings' lowering of the ratings on U.S. Bank N.A. on May 11, 2023. (For more information, see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The long-term components of the ratings reflect the ratings on the respective obligors. The short-term components of the ratings reflect the rating on the liquidity facility in the form of a standby-bond-purchase agreement provided by U.S. Bank N.A. The long-term rating component addresses S&P Global Ratings' expectation of

...The rating action follows S&P Global Ratings' lowering of the ratings on U.S. Bank N.A. on May 11, 2023. (For more information, see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable," published May 11, 2023, on RatingsDirect.) The long-term components of the ratings reflect the ratings on the respective obligors. The short-term components of the ratings reflect the rating on the liquidity facility in the form of a standby-bond-purchase agreement provided by U.S. Bank N.A. The long-term rating component addresses S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term rating component reflects S&P Global Ratings' opinion of the likelihood of bondholders receiving interest-and-principal payments if they exercise their put option. Changes to the ratings on these bonds could result from, among other things, changes to the ratings...

Ratings Action