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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's Disclosures on Credit Ratings of American Express Company

07 Mar 2012

New York, March 07, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on American Express Company and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for American Express Company and its affiliates.

Moody's current ratings on American Express Company and its affiliates are:

Long Term Issuer Rating of A3

Senior Unsecured (domestic currency) ratings of A3

Subordinate (domestic currency) ratings of Baa2

Senior Unsecured Shelf (domestic currency) ratings of (P)A3

Subordinate Shelf (domestic currency) ratings of (P)Baa1

Preferred Shelf (domestic currency) ratings of (P)Baa2

Preferred shelf -- PS2 (domestic currency) ratings of (P)Baa3

Commercial Paper (domestic currency) ratings of P-2

American Express Travel Related Services Company, Inc.

Long Term Issuer Rating of A2

Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

Subordinate MTN Program (domestic currency) ratings of (P)A3

Commercial Paper (domestic currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

American Express Credit Corporation

Long Term Issuer rating of A2

Senior Unsecured (domestic and foreign currency) ratings of A2

Senior Unsecured MTN (domestic currency) ratings of (P)A2

Subordinate MTN (domestic currency) ratings of (P)A3

Senior Unsecured Shelf (domestic currency) ratings of (P)A2

Other Short Term (domestic currency) ratings of (P)P-1

BACKED Commercial Paper (domestic currency) ratings of P-1

American Express O/S Credit Corporation Ltd.

Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

Subordinate MTN Program (domestic currency) ratings of (P)A3

Other Short Term (domestic currency) ratings of (P)P-1

American Express Canada Credit Corporation

BACKED Senior Unsecured (domestic currency) ratings of A2

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

American Express Centurion Bank

Long Term Issuer Rating of A2

Senior Unsecured (domestic currency) ratings of A2

Long Term Bank Deposits (domestic currency) ratings of A2

Long Term Other Senior Obligations ratings of A2

Bank Financial Strength ratings of C+; BCA A2 | Adj. BCA A2

Short Term Bank Note Program (domestic currency) ratings of P-1

Short Term Bank Deposits (domestic currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

Short Term Other Senior Obligations ratings of P-1

American Express Bank, FSB

Long Term Issuer (domestic currency) rating of A2

Senior Unsecured (domestic currency) ratings of A2

Long Term Bank Deposits (domestic currency) ratings of A2

Long Term Other Senior Obligations (domestic currency) ratings of A2

Bank Financial Strength ratings of C+; BCA A2 | Adj. BCA A2

Short Term Bank Deposits (domestic currency) ratings of P-1

Short Term Other Senior Obligations (domestic currency) ratings of P-1

RATINGS RATIONALE

The change in outlook to stable reflects Amex's improved liquidity and funding profile, including a healthy liquidity runway giving it the financial flexibility to deal with a sustained lack of access to both capital markets and deposit funding.

The ratings and outlook also reflect the company's other key fundamental strengths. These include the strength of the American Express brand as reflected in strong franchises in charge cards and credit cards and the company's global merchant network, a high proportion of non-spread income in its revenue base, and solid capital metrics.

Balancing these credit strengths, Amex has a relatively heavy emphasis on capital markets funding. Moreover, the company remains sensitive to US consumer and corporate spending patterns, in particular those of affluent consumers who comprise a substantial portion of total spending. In addition, Amex faces a continued unsettled political and regulatory environment, as well as competitive pressures from evolving technologies -- such as the growing digital payments market -- that are transforming the global payments industry. We note that Amex has made inroads in positioning itself in this space via its Revolution Money acquisition and its recent launch of its Serve software-based platform. Amex faces an additional challenge to its business model in the form of the Department of Justice antitrust lawsuit filed in October 2010, though this matter will likely take years to litigate.

Compared to like-rated US banks Amex has a relatively heavy emphasis on capital markets funding. However, even under baseline asset growth assumptions the company maintains a healthy liquidity profile giving it the financial flexibility to deal with a sustained lack of access to both capital markets and deposit funding. Amex's liquidity cushion includes a substantial balance of unrestricted cash and readily marketable securities.

Centurion and FSB are rated C+ for bank financial strength and A2/Prime-1 for senior debt and deposits. Credco's and TRS' senior debt is rated A2/Prime-1; the parent company's senior debt is rated A3/Prime-2.

Rating Outlook

The outlook for all ratings and the BFSR is stable.

What Could Change the Rating - Up

Despite progress on the liquidity and funding front, we do not see the ratings increasing from the current level given the company's funding structure and significant potential exposure to changes in interchange rates from competitive and/or regulatory initiatives.

What Could Change the Rating - Down

Significant erosion in the firm's liquidity position; an elevation in credit costs that is not effectively mitigated by offsetting cost reductions or revenue gains; material adverse legal/regulatory/legislative outcomes, thus leading to capital reductions.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Moody's Guidelines for Rating Hybrid Securities and Subordinated Debt published in November 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

Although these credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, the credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Curt Beaudouin
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Ratings of American Express Company
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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