Fitch Rates U.S. Bancorp's Series F Preferred Stock 'BBB'

Fitch Ratings has rated U.S. Bancorp's (USB) series F preferred stock 'BBB'.

On Jan. 18, 2012, USB issued Series F preferred stock, proceeds of which will be used primarily to redeem certain trust preferred securities (TRUPs) as well as for general corporate purposes.

This rating has been assigned in accordance with Fitch's updated 'Rating Bank Regulatory Capital and Similar Securities,' dated Dec. 15, 2011. Other similarly preferred issuances of U.S. Bancorp are unaffected at this time, but will be addressed at a later date.

USB operates one of the premier banking franchises in the U.S., with a retail banking network spanning 25 states which is augmented by meaningful presence in payment systems, corporate trust, asset management, and business credit cards.

Fitch has assigned the following rating:

--Series F preferred stock at 'BBB'.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings

In addition to the source(s) of information identified in the Master Criteria, this action was additionally informed by information provided by the company.

Applicable Criteria and Related Research

--Global Financial Institutions Rating Criteria, Dec. 16, 2011;

--Bank Holding Company Criteria, Dec. 16, 2011;

--Rating Bank Regulatory Capital and Similar Securities dated Dec. 15, 2011..

Applicable Criteria and Related Research:

Rating Bank Regulatory Capital and Similar Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371

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