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# Fitch downgrades U.S. Bank NA long-term IDRs to A+ to correct error, places on watch positive
- URL: https://www.theglobalbanker.com/fitch-downgrades-u-s-bank-na-long-term-idrs-to-a-to-correct-error-places-on-watch-positive/
- Published: 2026-06-02T15:12:00.000Z
- Updated: 2026-10-05T21:07:14.000Z
- Description: Fitch set the long-term Issuer Default Ratings of U.S. Bank National Association and its subsidiaries at 'A+' in a correction and placed them on Rating Watch Positive, signalling a possible upgrade.
- Author: TGB Editorial Team
- Tags: Banking News, Americas

Fitch Ratings on 2 June 2026 downgraded the long-term Issuer Default Ratings (IDRs) of U.S. Bank National Association and its subsidiaries to 'A+', in an action the agency said was taken to correct an error, and placed the ratings on Rating Watch Positive.

The correction sets the bank's long-term IDRs at 'A+', the same level at which Fitch most recently affirmed the long-term IDR of its parent, U.S. Bancorp, in October 2025, with a Stable Outlook.

#### WATCH SIGNALS POSSIBLE UPGRADE

Fitch's long-term IDRs express its view of an entity's relative vulnerability to default on its financial obligations. The agency uses Rating Watches to indicate a heightened probability of a rating change and its likely direction. A Positive designation means the ratings could be upgraded or affirmed when the agency resolves the watch.

U.S. Bank National Association is the principal banking subsidiary of Minneapolis-based U.S. Bancorp, one of the largest banking groups in the United States. The action covers the bank and its subsidiaries.

#### CRITERIA UPDATE

The correction comes amid a broad round of bank rating actions by Fitch following the publication of its updated bank rating criteria on 8 May 2026\. From 12 May the agency announced actions on banking groups in Canada, the UK and across Europe after the criteria update, and on the same day it took various rating actions on U.S. mid-tier regional and other banks.

Also on 2 June, Fitch published a correction to its earlier actions on U.S. global systemically important banks following the criteria update.