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U.S. Bancorp, the Minneapolis-based parent company of U.S. Bank Utah that operates some 70 branches in the state, saw its senior debt downgraded by Moody's Investors Service as record-low interest rates pressure earnings.
The senior debt rating was lowered to A1 from Aa3, reflecting "the inescapable challenges that even a well managed and diverse banking franchise currently faces," the rating firm said in a statement about U.S. Bancorp.
U.S. Bancorp is also grappling with regulation and "heightened lending competition," that could pressure revenue, Moody's said.