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S&P Credit Research875 word report
published Oct 23, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Oct. 23, 2009—Standard&Poor's Ratings Services said today that American Express Co.'s (AMEX; BBB+/Negative/A-2) third-quarter results do not affect the rating. AMEX's third quarter reflected wider trends in the consumer space. Though not indicating a victory over the current credit cycle, consumer lending results are improving. For AMEX, with total revenues relatively flat, a reduction in provisioning with a smaller contribution to the bottom line from reductions in operating expenses resulted in sequential improvement. Pretax income climbed to $918 million from $418 million in the previous quarter with provisioning declining to $1,178 million from $1,584 million. With total cards in force remaining essentially flat, billed business increased sequentially by more than 13.7% on an
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: American Express Co. Rating Unaffected By Third-Quarter Results Publication date: 23-Oct-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: | Bulletin
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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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