U.S. Bancorp: Credit 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
  25-Jun-24	Long-Term Issuer Rating	AA (low)	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Long-Term Senior Debt	AA (low)	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Subordinated Debt	A (high)	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Preferred Stock	A (low)	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Short-Term Issuer Rating	R-1 (middle)	Stb	Confirmed	US U E
  25-Jun-24	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US U E
  25-Jun-24	Trust Preferred Securities	Discontinued	--	Disc.-Repaid	US

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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
  25-Jun-24	Long-Term Issuer Rating	AA	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Long-Term Deposits	AA	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Long-Term Senior Debt	AA	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Subordinated Debt	AA (low)	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	US U E
  25-Jun-24	Short-Term Instruments	R-1 (high)	Stb	Confirmed	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
  25-Jun-24	Long-Term Issuer Rating	AA	Stb	Downgraded, Trend Change	US U E
  25-Jun-24	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	US U E
  25-Jun-24	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
  25-Jun-24	Preferred Stock	A (low)	Stb	Downgraded, Trend Change	US U E

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