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S&P Credit Research760 word report
published Apr 30, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 30, 2009--Standard&Poor's Ratings Services said today that it lowered its ratings on American Express Co. (Amex) and its subsidiaries, including lowering the counterparty credit rating on Amex to 'BBB+/A-2' from 'A/A-1'. We also lowered the preferred stock rating to 'BB' from 'BBB' and affirmed the 'AAA' rated, FDIC-guaranteed issues. The ratings were removed from CreditWatch Negative where they were placed on March 19, 2009. The outlook is negative. "The ratings action is based on our view that funding and liquidity will remain concerns in the long term in the context of a business strategy that we believe will remain largely wholesale funded," said Standard&Poor's credit analyst John K. Bartko, C.P.A.
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| Brief Excerpt: | RESEARCH Ratings Definitions American Express Co. Downgraded To '###+/A-2'; Outlook Negative Publication date: 30-Apr-2009 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | AXP
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| Issuer: | American Express Company
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| GICS: | Consumer Finance (40202010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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