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DBRS views U.S. Bancorp negatively
DBRS said it revised the trend for U.S. Bancorp to negative from stable and confirmed the ratings, including the company’s long-term issuer rating of AA. At the same time, DBRS confirmed the ratings of its primary banking subsidiary, U.S. Bank NA.
“The negative trend considers the increasingly challenging operating environment, including a more costly and competitive funding environment, and the expectation that funding costs and asset quality metrics will likely worsen from their current levels, pressuring earnings. Additionally, unrealized securities losses and the acquisition of MUFG Union Bank, National Association (MUB) have weakened the company’s tangible capital position to the low-end of peers,” DBRS said in a statement.
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