OVERVIEW American Express Credit Account Master Trust's series 2012-4 issuance is an ABS securitization backed by a pool of receivables generated by American Express credit card accounts and Pay Over Time revolving credit accounts that are owned by American Express Centurion Bank or American Express Bank FSB. We assigned our ratings to the class A and B notes. The ratings reflect our view of the transaction's credit support, timely interest and principal payments, and payment and legal structures, among other factors. NEW YORK (Standard&Poor's) Nov. 8, 2012--Standard&Poor's Ratings Services today assigned its ratings to American Express Credit Account Master Trust's $1.046 billion floating-rate asset-backed certificates series 2012-4 (see list). The note issuance is an asset-backed securities
