Moody's rates USB Realty preferreds A1

Moody's Investors Service said it assigned a rating of A1 to the exchangeable perpetual non-cumulative preferred securities being issued by USB Realty Corp., a subsidiary of U.S. Bancorp.

The outlook is stable.

The agency said that the rating considers the current ratings of U.S. Bancorp (senior at Aa2, stable outlook), the relative priority of claim of the securities within the company's capital structure and the securities' structural features.

Because of the conditional exchange feature, the securities effectively rank as preferred stock of U.S. Bancorp, S&P noted.

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