U.S. Bancorp

Ratings

• U.S. Bancorp

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Issuer & Senior Debt	AA	Stb	Confirmed	US U E
  06-Jul-11	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US U E
  06-Jul-11	FDIC Guaranteed Debt	AAA	Stb	Confirmed	US U E
  06-Jul-11	Subordinated Debt	AA (low)	Stb	Confirmed	US U E
  06-Jul-11	Preferred Stock	A	Stb	Confirmed	US U E
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US U E
  06-Jul-11	Junior Subordinated Debt due 02/01/16	AA (low)	Stb	Confirmed	US U E

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• U.S. Bank National Association

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Deposits & Senior Debt	AA (high)	Stb	Confirmed	US U E
  06-Jul-11	Short-Term Instruments	R-1 (high)	Stb	Confirmed	US U E
  06-Jul-11	Subordinated Debt	AA	Stb	Confirmed	US U E

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• USB Capital IX

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	A	Stb	Confirmed	US U E

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• USB Capital VI

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• USB Capital VII

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• USB Capital VIII

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• USB Capital X

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• USB Capital XI

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• USB Capital XII

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• Vail Banks Statutory Trust I

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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• Vail Banks Statutory Trust II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  06-Jul-11	Trust Preferred Securities	AA (low)	Stb	Confirmed	US E

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