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Banking, finance, and taxes

S&P Raises U.S. Bancorp Credit Ratings

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By Jon C. Ogg Updated Published
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U.S. Bancorp (NYSE: USB) is proving why it was on our own proprietary list of the 7 Safest Large Banks in America.  Standard & Poor’s has just raised the bank’s corporate credit rating, something which very few banks can claim (and expect) in the current climate.  Today’s rating upgrade went up to “A+” from “A” on its long-term issuer credit rating and it reaffirmed the “A-1” short-term issuer rating.  Its issuer credit rating was also raised to “AA-” from “”A+” on its operating subsidiaries, and its short-term issuer credit rating went up to “A-1+” from “A-1” today.

S&P said its upgrade is based on the belief that US Bancorp will outperform peers with significant earnings and revenue growth while still maintaining a conservative growth strategy and solid capitalization.  If that is not a compliment in today’s regulatory climate then a real compliment is not possible.

Read Also: The 7 Safest Banks in America

S&P’s outlook is now stable as the credit quality should improve with net charge-offs running below that of peers. It is no surprise that Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) holds some 66 million shares, but Team Buffett has slightly lowered that amount in the latest holdings of the Buffett empire.

U.S. Bancorp shares are up 0.3% at $33.21 against a 52-week trading range of $20.10 to $34.10.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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