U.S. Bancorp: Rating Report

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
  19-Jul-23	Long-Term Issuer Rating	AA	Neg	Trend Change	US U E
  19-Jul-23	Short-Term Issuer Rating	R-1 (middle)	Stb	Confirmed	US U E
  19-Jul-23	Long-Term Senior Debt	AA	Neg	Trend Change	US U E
  19-Jul-23	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US U E
  19-Jul-23	Subordinated Debt	AA (low)	Neg	Trend Change	US U E
  19-Jul-23	Preferred Stock	A	Neg	Trend Change	US U E
  19-Jul-23	Trust Preferred Securities	AA (low)	Neg	Trend Change	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
  19-Jul-23	Long-Term Issuer Rating	AA (high)	Neg	Trend Change	US U E
  19-Jul-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	US U E
  19-Jul-23	Long-Term Deposits	AA (high)	Neg	Trend Change	US U E
  19-Jul-23	Long-Term Senior Debt	AA (high)	Neg	Trend Change	US U E
  19-Jul-23	Short-Term Instruments	R-1 (high)	Stb	Confirmed	US U E
  19-Jul-23	Subordinated Debt	AA	Neg	Trend Change	US U E

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• U.S. Bank Trust Company, 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
  19-Jul-23	Long-Term Issuer Rating	AA (high)	Neg	Trend Change	US U E
  19-Jul-23	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	US U E
  19-Jul-23	Short-Term Instruments	R-1 (high)	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
  19-Jul-23	Preferred Stock	A	Neg	Trend Change	US U E

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