Market Overview

Fitch to Rate American Express Credit Account Master Trust, Series 2012-4; Presale Issued

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings expects to assign the following ratings to American Express Credit Account Master Trust's asset-backed certificates, series 2012-4:

--$750,000,000 class A floating-rate 'AAAsf'; Outlook Stable;

--$54,545,000 class B floating-rate 'A+sf'; Outlook Stable.

Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, American Express Centurion Bank (AECB) and American Express Bank, FSB (FSB)'s underwriting, American Express Travel Related Services Company, Inc. (TRS)'s servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization triggers.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 22, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research: American Express Credit Account Master Trust, Series 2012-4

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=693530

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681533

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Steven Stubbs, +1 212-908-0676
Senior Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Herman Poon, +1 212-908-0847
Director
or
Committee Chairperson
Tracy Wan, +1 212-908-9171
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

















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