NEW YORK (Standard&Poor's CreditWire) Aug. 16, 1999--Standard&Poor's today assigned its triple-'A' preliminary rating to American Express Credit Account Master Trust Series 1999-5's $412.5 million class A floating-rate asset-backed certificates, and its single-'A' preliminary rating to the $40 million class B floating-rate asset-backed certificates. The preliminary ratings reflect: -- Credit enhancement levels of 17.5% for class A and 9.5% for class B; -- Strong historical portfolio performance; and -- Structural considerations, including subordination of interest payable to the collateral interest holder. Standard&Poor's ratings address the timely payment of interest on the 15th of each month on class A and class B and the ultimate payment of principal by the series termination date on Feb. 15,
