U.S. Bancorp, the nation's fifth- largest lender by deposits, was upgraded by Standard & Poor's, which said the bank has outperformed competitors in the wake of 2008's credit crisis.
The lender was raised to A+ from A, S&P said today in a statement. The Minneapolis-based bank had its short-term issuer rating affirmed at A-1, and its outlook is stable, according to the statement.
"The upgrade reflects USB's sustained outperformance versus peers over the last four years, which the stability in its revenue and earnings during and after the financial crisis demonstrate," S&P said in the statement. With housing prices nearing a bottom, "we believe that USB's outperformance compared with peers will continue."