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By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Related Issuers
American Express Credit Account Master Trust, Series 2001-5
American Express Credit Account Master Trust, Series 2002-1
American Express Credit Account Master Trust, Series 2002-2
American Express Credit Account Master Trust, Series 2002-3
American Express Credit Account Master Trust, Series 2002-5
American Express Credit Account Master Trust, Series 2002-6
American Express Credit Account Master Trust, Series 2003-1
American Express Credit Account Master Trust, Series 2003-2
American Express Credit Account Master Trust, Series 2003-3
American Express Credit Account Master Trust, Series 2004-1
American Express Credit Account Master Trust, Series 2004-2
American Express Credit Account Master Trust, Series 2004-3
American Express Credit Account Master Trust, Series 2004-4
American Express Credit Account Master Trust, Series 2004-5
American Express Credit Account Master Trust, Series 2005-1
American Express Credit Account Master Trust, Series 2005-2
American Express Credit Account Master Trust, Series 2005-3
American Express Credit Account Master Trust, Series 2005-4
American Express Credit Account Master Trust, Series 2005-5
American Express Credit Account Master Trust, Series 2005-6
American Express Credit Account Master Trust, Series 2005-7
American Express Credit Account Master Trust, Series 2005-8
American Express Credit Account Master Trust, Series 2006-1
American Express Credit Account Master Trust, Series 2006-2
American Express Credit Account Master Trust, Series 2006-3
American Express Credit Account Master Trust, Series 2006-A
American Express Credit Account Master Trust, Series 2006-B
American Express Credit Account Secured Note Trust 2004-1
American Express Credit Account Secured Note Trust 2004-2
American Express Credit Account Secured Note Trust 2004-3
American Express Credit Account Secured Note Trust 2004-4
American Express Credit Account Secured Note Trust 2004-5
American Express Credit Account Secured Note Trust 2004-C
American Express Credit Account Secured Note Trust 2005-1
American Express Credit Account Secured Note Trust 2005-2
American Express Credit Account Secured Note Trust 2005-3
American Express Credit Account Secured Note Trust 2005-4
American Express Credit Account Secured Note Trust 2005-5
American Express Credit Account Secured Note Trust 2005-6
American Express Credit Account Secured Note Trust 2005-7
American Express Credit Account Secured Note Trust 2005-8
American Express Credit Account Secured Note Trust 2006-1
American Express Credit Account Secured Note Trust 2006-2
American Express Credit Account Secured Note Trust 2006-3
American Express Credit Account Secured Note Trust 2006-A
American Express Credit Account Secured Note Trust 2006-B
Rating Action:

Moody's Upgrades 46 Classes of American Express Credit Card Receivable-Backed Securities

07 Feb 2007
Moody's Upgrades 46 Classes of American Express Credit Card Receivable-Backed Securities

Approximately $3.36 Billion of Asset-Backed Securities Upgraded.

New York, February 07, 2007 -- Moody's Investors Service upgraded the ratings on forty-six classes of credit card receivables-backed securities issued from the American Express Credit Account Master Trust ("Trust") and the related secured note trusts. The rationale for the upgrades includes both the significant, long-term improvement in the underlying collateral as well as the incorporation of new aspects to Moody's approach to rating credit card transactions.

Over the last several years, the pace of improvement in the credit quality of the Trust's collateral has outpaced that of the industry as measured by Moody's Credit Card Index ("Index"). In particular, since 2001 the payment rate has risen from the mid-teens to the mid-twenties. During the same period, the charge-off rate and yield have also improved relative to the Index.

Moody's methodology, which was updated and published in December 2006, now incorporates a deeper analysis of the collateral driven by both fundamental changes in credit card usage (e.g. the proliferation of rewards cards, cardholders' convenience use and pricing elasticity) as well as better issuer-supplied data. For the American Express trusts, the new aspects of the methodology, in combination with additional data provided by the company, demonstrated to Moody's that the overall performance should be better in stress cases than previously expected.

For more details on Moody's updated credit card rating methodology, please visit www.moodys.com for the report, "Moody's Approach to Rating Credit Card Receivables-Backed Securities."

The complete rating action is as follows:

Issuer: American Express Credit Account Master Trust

$40,000,000 Class B Certificates, Series 2001-5, upgraded to Aa3 from A1

$73,600,000 Class B Certificates, Series 2002-1, upgraded to Aa3 from A1

$75,200,000 Class B Certificates, Series 2002-2, upgraded to Aa3 from A1

$73,600,000 Class B Certificates, Series 2002-3, upgraded to Aa3 from A1

$48,000,000 Class B Certificates, Series 2002-5, upgraded to Aa3 from A1

$57,600,000 Class B Certificates, Series 2002-6, upgraded to Aa3 from A1

$73,600,000 Class B Certificates, Series 2003-1, upgraded to Aa3 from A1

$88,000,000 Class B Certificates, Series 2003-2, upgraded to Aa3 from A1

$60,000,000 Class B Certificates, Series 2003-3, upgraded to Aa3 from A1

$60,000,000 Class B Certificates, Series 2004-1, upgraded to Aa3 from A1

$30,000,000 Class B Certificates, Series 2004-2, upgraded to Aa3 from A1

$30,000,000 Class B Certificates, Series 2004-3, upgraded to Aa3 from A1

$82,500,000 Class B Certificates, Series 2004-4, upgraded to Aa3 from A1

$75,000,000 Class B Certificates, Series 2004-5, upgraded to Aa3 from A1

$45,000,000 Class B Certificates, Series 2005-1, upgraded to Aa3 from A1

$45,000,000 Class B Certificates, Series 2005-2, upgraded to Aa3 from A1

$52,500,000 Class B Certificates, Series 2005-3, upgraded to Aa3 from A1

$37,500,000 Class B Certificates, Series 2005-4, upgraded to Aa3 from A1

$82,500,000 Class B Certificates, Series 2005-5, upgraded to Aa3 from A1

$52,500,000 Class B Certificates, Series 2005-6, upgraded to Aa3 from A1

$52,500,000 Class B Certificates, Series 2005-7, upgraded to Aa3 from A1

$37,500,000 Class B Certificates, Series 2005-8, upgraded to Aa3 from A1

$52,500,000 Class B Certificates, Series 2006-A, upgraded to Aa3 from A1

$52,500,000 Class B Certificates, Series 2006-B, upgraded to Aa3 from A1

$75,000,000 Class B Certificates, Series 2006-1, upgraded to Aa3 from A1

$27,500,000 Class B Certificates, Series 2006-2, upgraded to Aa3 from A1

$45,000,000 Class B Certificates, Series 2006-3, upgraded to Aa3 from A1

Other Issuers:

American Express Credit Account Secured Note Trust $72,000,000 Class C Notes 2004-1, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $36,000,000 Class C Notes 2004-2, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $48,000,000 Class C Notes 2004-3, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $99,000,000 Class C Notes 2004-4, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $90,000,000 Class C Notes 2004-5, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $700,150,000 Class C Notes 2004-C, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $54,000,000 Class C Notes 2005-1, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $54,000,000 Class C Notes 2005-2, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $63,000,000 Class C Notes 2005-3, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $45,000,000 Class C Notes 2005-4, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $99,000,000 Class C Notes 2005-5, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $63,000,000 Class C Notes 2005-6, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $63,000,000 Class C Notes 2005-7, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $45,000,000 Class C Notes 2005-8, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $63,000,000 Class C Notes 2006-A, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $63,000,000 Class C Notes 2006-B, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $90,000,000 Class C Notes 2006-1, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $35,000,000 Class C Notes 2006-2, upgraded to Baa1 from Baa2

American Express Credit Account Secured Note Trust $54,000,000 Class C Notes 2006-3, upgraded to Baa1 from Baa2

BACKGROUND

American Express Company is a New York-based holding company that is comprised of a group of operating and financing subsidiaries that operates in the global payment-services, charge card, credit card and travel services industries. As of June 30, 2006, American Express had total managed assets of $137 billion, common equity of $10 billion and an outstanding market capitalization of $64.7 billion.

American Express Travel Related Services Company, Inc., the servicer of the receivables, is an operating subsidiary of the American Express Company with headquarters in New York City. Moody's Investors Service rates American Express Travel Related Services Company, Inc.'s long term senior unsecured obligations at Aa3 and its short term obligations at Prime-1.

New York
Jay Eisbruck
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Yun Ge
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​​​​
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