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Related Issuers
American Express Credit Account Master Trust, Series 2004-2
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-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 Secured Note Trust 2004-2
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-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
Rating Action:

Moody's places subordinate classes of American Express credit card receivables-backed securities on review for possible downgrade

19 Mar 2009

Approximately $3.3 billion of asset-backed securities affected

New York, March 19, 2009 -- Moody's Investors Service has placed on review for possible downgrade 57 classes of subordinated asset-backed securities issued out of American Express Credit Account Master Trust and the American Express Credit Account Secured Note Trust (the "Trust"). These securities are backed by a $37.2 billion revolving pool of unsecured consumer general purpose bank credit card receivables originated by American Express Co. ("Amex") and its affiliates.

RATIONALE

The review is primarily driven by a steady and marked deterioration in some key performance metrics of the Trusts, particularly charge-offs and delinquencies.

Amex's Trusts have generally performed better than the industry average, as tracked by Moody's Credit Card Index (the "Index"). The Trusts have a relatively large proportion of high credit quality obligors as measured by credit score. Even so, Amex's Trust has a greater concentration of obligors with billing addresses in states such as California and Florida, where the broad-based housing-related contraction is particularly acute and is expected to worsen in the coming year. Also, Amex cardholders have, on average, much higher credit lines, which may present incremental risk. As a result of these and other factors, the positive performance differential between Amex's trusts and the industry average has diminished substantially.

Amex Trust charge-offs are on the rise at a faster pace than that of the industry. In January, Trust gross charge-offs were 8.7%, versus 7.7% for the Index, and have since increased to 10.3% in February. Likewise, delinquencies--often a harbinger of future charge-offs--reached 5.4% in February. The February results are all-time highs for both Trust performance metrics.

While Moody's believes that Amex is trying to mitigate the underlying risks, it has yet to be demonstrated whether Amex can successfully do so without simultaneously incurring material adverse attrition among its cardholders.

Moody's review will focus on Amex's ability to address and mitigate the aforementioned incremental risks. At the conclusion of the review, which is typically no longer than 90 days, Moody's may downgrade the notes. A downgrade, if any, is not likely to exceed two notches.

The complete rating actions are as follows:

UNDER REVIEW FOR POSSIBLE DOWNGRADE

Issuer: American Express Credit Account Master Trust:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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 2006-1

$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 2006-B

$63,000,000 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

The following outstanding series are not under review because they are expected to mature within the next six months:

Issuer: American Express Credit Account Master Trust:

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

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

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

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

METHODOLOGY

The principal methodology used in rating the transaction was "Moody's Approach To Rating Credit Card Receivables-Backed Securities", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

BACKGROUND

Amex is a New York-based bank 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 December 31, 2008, American Express reported total managed assets of $156 billion and shareholders equity of $12 billion.

On February 25, 2009, Moody's placed on review for possible downgrade the long-term senior unsecured and short-term debt ratings of Amex; currently A2/Prime-1 respectively. At the same time, the long-term debt ratings of American Express Travel Related Services ("TRS"; senior at A1) and its rated operating subsidiaries (senior at A1) were also placed on review for possible downgrade. The Prime-1 short-term ratings for TRS and its rated operating subsidiaries were affirmed. TRS is the principal operating subsidiary of Amex as well as the servicer of the Trust.

For more information, please visit 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
Rebeca Sanchez Sarmiento
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places subordinate classes of American Express credit card receivables-backed securities on review for possible downgrade
No Related Data.
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