Bloomberg reported U.S. Bancorp, the nation’s fifth- largest commercial lender by deposits, may be cut one level by Moody’s Investors Service as rivals recover and pose stiffer competition.

According to the report, the bank could be cut one level to A1 from Aa3, according to Moody’s.

The report cites Moody’s saying, “The rating review will consider U.S. Bancorp’s long-term ability to sustain its consistent, superior performance in light of increasing competition now that its peers have largely returned to health and are actively seeking growth.”

The Minneapolis-based company faces “incremental volatility” from its expansion in mortgage banking, and that may be magnified because of a capital profile that, “while healthy, does not distinguish it from its peers,” Moody’s said.