Fitch affirms U.S. Bancorp

Fitch Ratings said it affirmed U.S. Bancorp's long-term issuer default rating at AA-, senior debt at AA-, subordinated debt at A+, preferred stock at BBB, short-term issuer default rating at F1+, commercial-paper rating at F1+, viability rating at AA-.

The agency also affirmed U.S. Bank, NA's long-term deposits rating at AA, short-term deposits rating at F1+, long-term issuer default rating at AA-, senior debt rating at AA-, subordinated debt rating at A+, short-term issuer default rating at F1+, short-term debt rating at F1+, short-term deposits rating at F1+ and viability rating at AA-.

Fitch also affirmed U.S. Bank NA ND's long-term deposits rating at AA, short-term deposits rating at F1+, long-term issuer default rating at AA-, senior debt rating at AA-, subordinated debt rating at A+, short-term issuer default rating at F1+, short-term deposits rating at F1+ and viability rating at AA-.

The outlook is stable.

The ratings reflect the company's peer leading performance despite a challenging economic and banking environment, Fitch said.

Given the company's strong competitive position, Fitch said it expects the bank's performance to continue to exceed those of peers over the near- to intermediate-term.

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