DBRS assigns U.S. Bank Trust Co. AA

DBRS said it assigned an AA (high) long-term issuer rating to U.S. Bank Trust Co., NA. The trend on the ratings is stable. The company is a unit of U.S. Bank NA.

“U.S. Bancorp (USB) is moving Usbtc from a subsidiary of the holding company to a subsidiary of Usbna. Following this, USB plans to move corporate trust accounts to Usbtc for trustee services while Usbna would retain the deposits. This will satisfy OCC collateralization requirements under the existing legal structure. USB has received regulatory (OCC) approval to facilitate this change. Following this change, the contractual trustee duties and the deposits reside in different entities allowing collateral usage to be avoided,” DBRS said in a press release.

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