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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.

 

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Related Issuers
American Express Credit Account Master Trust, Series 2002-5
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 2005-4
American Express Credit Account Master Trust, Series 2005-5
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 Master Trust, Series 2007-1
American Express Credit Account Master Trust, Series 2007-2
American Express Credit Account Master Trust, Series 2007-3
American Express Credit Account Master Trust, Series 2007-4
American Express Credit Account Master Trust, Series 2007-5
American Express Credit Account Master Trust, Series 2007-6
American Express Credit Account Master Trust, Series 2007-7
American Express Credit Account Master Trust, Series 2007-8
American Express Credit Account Master Trust, Series 2008-1
American Express Credit Account Master Trust, Series 2008-2
American Express Credit Account Master Trust, Series 2008-3
American Express Credit Account Master Trust, Series 2008-4
American Express Credit Account Master Trust, Series 2008-5
American Express Credit Account Master Trust, Series 2008-6
American Express Credit Account Master Trust, Series 2008-7
American Express Credit Account Master Trust, Series 2008-8
American Express Credit Account Master Trust, Series 2008-9
American Express Credit Account Master Trust, Series 2008-A
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 2005-4
American Express Credit Account Secured Note Trust 2005-5
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
American Express Credit Account Secured Note Trust 2007-1
American Express Credit Account Secured Note Trust 2007-2
American Express Credit Account Secured Note Trust 2007-3
American Express Credit Account Secured Note Trust 2007-6
American Express Credit Account Secured Note Trust 2007-7
American Express Credit Account Secured Note Trust 2007-8
American Express Credit Account Secured Note Trust 2008-1
American Express Credit Account Secured Note Trust 2008-2
American Express Credit Account Secured Note Trust 2008-3
American Express Credit Account Secured Note Trust 2008-4
American Express Credit Account Secured Note Trust 2008-5
American Express Credit Account Secured Note Trust 2008-6
American Express Credit Account Secured Note Trust 2008-7
American Express Credit Account Secured Note Trust 2008-8
American Express Credit Account Secured Note Trust 2008-9
American Express Credit Account Secured Notes Trust 2007-4
American Express Credit Account Secured Notes Trust 2007-5
American Express Issuance Trust, Series 2005-1
American Express Issuance Trust, Series 2005-2
American Express Issuance Trust, Series 2007-1
American Express Issuance Trust, Series 2007-2
American Express Issuance Trust, Series 2008-1
American Express Issuance Trust, Series 2008-2
Announcement:

Moody's affirms ratings on American Express' credit card and charge card securities

23 Oct 2008
Moody's affirms ratings on American Express' credit card and charge card securities

Up to $39.4 billion of asset-backed securities affected

New York, October 23, 2008 -- Moody's Investors Service has affirmed the ratings on 122 classes of asset-backed securities issued by American Express' credit card and charge card trusts.

This affirmation addresses Moody's October 20, 2008 downgrade of American Express Company ("Amex", senior to A2 from A1) and its subsidiaries, including its banks American Express Centurion Bank (senior to A1 from Aa3) and American Express Bank FSB (senior to A1 from Aa3). American Express Travel Related Services, Inc. ("TRS") was also downgraded (senior to A1 from Aa3). The rating outlook for Amex and it subsidiaries is negative. These rating actions conclude the rating review of Amex that was initiated on August 7, 2008.

TRS is the seller/servicer for the related credit card and charge card trusts. The viability of revolving securitization programs is highly correlated to the credit strength of the seller/servicer. This evaluation of the seller/servicer's credit strength is therefore an important consideration in Moody's credit opinion of the program's outstanding asset-backed securities. It is Moody's opinion that higher-rated seller/servicers are more likely to maintain the ongoing servicing and origination requirements of such a program.

The collateral performance of the securitized Amex credit card and charge card portfolios generally remains within the bounds of Moody's expectations and is not a principal factor in the ratings affirmation of the asset-backed securities. Nevertheless, for both Amex and the broader credit card market, Moody's expects collateral performance will likely deteriorate throughout 2008 and 2009 as delinquency and charge-off rates continue to rise. In addition, Moody's has a negative outlook on the credit card sector.

Downward rating pressure on Amex's credit and charge card securities could ensue as the result of either a further weakening of TRS's credit strength, or collateral deterioration in the trusts in excess of Moody's expectations.

The ratings on the following securities were affirmed:

Issuer: American Express Credit Account Master Trust

$495,000,000 Class A Floating Rate Asset Backed Certificates, Series 2002-5, rated Aaa

$48,000,000 Class B Floating Rate Asset Backed Certificates, Series 2002-5, rated Aa3

$668,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-1, rated Aaa

$60,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-1, rated Aa3

$334,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-2, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-2, rated Aa3

$522,000,000 Class A Fixed Rate Asset Backed Certificates, Series 2004-3, rated Aaa

$30,000,000 Class B Fixed Rate Asset Backed Certificates, Series 2004-3, rated Aa3

$918,500,000 Class A Floating Rate Asset Backed Certificates, Series 2004-4, rated Aaa

$82,500,000 Class B Floating Rate Asset Backed Certificates, Series 2004-4, rated Aa3

$835,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-5, rated Aaa

$75,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-5, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2005-1, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2005-1, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2005-2, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2005-2, rated Aa3

$417,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-4, rated Aaa

$37,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-4, rated Aa3

$918,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-5, rated Aaa

$82,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-5, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-7, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-7, rated Aa3

$417,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-8, rated Aaa

$37,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-8, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2006-A, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2006-A, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2006-B, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2006-B, rated Aa3

$835,000,000 Class A Floating Rate Asset Backed Certificates, Series 2006-1, rated Aaa

$75,000,000 Class B Floating Rate Asset Backed Certificates, Series 2006-1, rated Aa3

$437,500,000 Class A Fixed Rate Asset Backed Certificates, Series 2006-2, rated Aaa

$27,500,000 Class B Fixed Rate Asset Backed Certificates, Series 2006-2, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2006-3, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2006-3, rated Aa3

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-1, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-1, rated A2

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-2, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-2, rated A2

$528,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-3, rated Aaa

$33,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-3, rated A2

$704,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-4, rated Aaa

$44,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-4, rated A2

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-5, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-5, rated A2

$880,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-6, rated Aaa

$55,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-6, rated A2

$792,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-7, rated Aaa

$49,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-7, rated A2

$1,056,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-8, rated Aaa

$66,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-8, rated A2

$2,530,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-1, rated Aaa

$158,125,000 Class B Floating Rate Asset Backed Certificates, Series 2008-1, rated A2

$1,200,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-2, rated Aaa

$75,001,000 Class B Floating Rate Asset Backed Certificates, Series 2008-2, rated A2

$1,500,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-3, rated Aaa

$93,751,000 Class B Floating Rate Asset Backed Certificates, Series 2008-3, rated A2

$535,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-4, rated Aaa

$33,438,000 Class B Floating Rate Asset Backed Certificates, Series 2008-4, rated A2

$800,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-5, rated Aaa

$50,000,000 Class B Floating Rate Asset Backed Certificates, Series 2008-5, rated A2

Up to $5,000,000,000 Class A Asset Backed Certificates, Series 2008-A, rated Aaa

Up to $312,505,000 Class B Asset Backed Certificates, Series 2008-A, rated A2

$1,350,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-6, rated Aaa

$84,375,000 Class B Floating Rate Asset Backed Certificates, Series 2008-6, rated A2

$525,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-7, rated Aaa

$32,813,000 Class B Floating Rate Asset Backed Certificates, Series 2008-7, rated A2

$650,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-8, rated Aaa

$40,625,000 Class B Floating Rate Asset Backed Certificates, Series 2008-8, rated A2

$550,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-9, rated Aaa

$34,375,000 Class B Floating Rate Asset Backed Certificates, Series 2008-9, rated A2

Issuer: American Express Credit Account Secured Note Trust 2004-C

$57,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-1

$72,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-2

$36,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-3

$48,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-4

$99,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-5

$90,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-1

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-2

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured note Trust 2005-4

$45,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-5

$99,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-7

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-8

$45,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-A

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-B

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-1

$90,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-2

$35,000,000 Fixed Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-3

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2007-1

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-2

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-3

$39,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-4

$52,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-5

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-6

$65,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-7

$58,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-8

$78,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-1

$186,875,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-2

$88,637,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-3

$110,796,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-4

$39,518,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-5

$59,091,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-6

$99,716,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-7

$38,779,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-8

$48,012,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-9

$40,625,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Issuance Trust

$558,000,000 Class A Floating Rate Asset Backed Notes, Series 2005-1, rated Aaa

$12,000,000 Class B Floating Rate Asset Backed Notes, Series 2005-1, rated A2

$30,000,000 Class C Floating Rate Asset Backed Notes, Series 2005-1, rated Baa2

$558,000,000 Class A Floating Rate Asset Backed Notes, Series 2005-2, rated Aaa

$12,000,000 Class B Floating Rate Asset Backed Notes, Series 2005-2, rated A2

$30,000,000 Class C Floating Rate Asset Backed Notes, Series 2005-2, rated Baa2

$930,000,000 Class A Floating Rate Asset Backed Notes, Series 2007-1, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Notes, Series 2007-1, rated A2

$40,000,000 Class C Floating Rate Asset Backed Notes, Series 2007-1, rated, Baa2

$930,000,000 Class A Floating Rate Asset Backed Notes, Series 2007-2, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Notes, Series 2007-2, rated A2

$40,000,000 Class C Floating Rate Asset Backed Notes, Series 2007-2, rated Baa2

$850,000,000 Class Floating Rate Asset Backed Notes, Series 2008-1, rated Aaa

$27,420,000 Class B Floating Rate Asset Backed Notes, Series 2008-1, rated A2

$36,560,000 Class C Floating Rate Asset Backed Notes, Series 2008-1, rated Baa2

$1,000,000,000 Class A Fixed Rate Asset Backed Notes, Series 2008-2, rated Aaa

$26,526,000 Class B Floating Rate Asset Backed Notes, Series 2008-2, rated A2

$34,483,000 Class C Floating Rate Asset Backed Notes, Series 2008-2, rated Baa2

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 September 30, 2008, American Express reported total managed assets of $157 billion and shareholders equity of $13 billion.

For more information, please visit http://www.moodys.com.

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

New York
Gregory J. Gemson
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 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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Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY125,000 to approximately JPY250,000,000.

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

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