OVERVIEW American Express Credit Account Master Trust's series 2009-2 issuance is an ABS securitization of American Express credit cards and Sign&Travel/Extended Payment Option revolving credit accounts that are owned by American Express Centurion Bank or American Express Bank FSB. We assigned our preliminary ratings to the class A and B certificates. The preliminary ratings reflect our view of the transaction's features, including the credit support, collateral pool, and legal structure; and our stress assumptions and cash flow modeling scenarios. NEW YORK (Standard&Poor's) Aug. 28, 2009--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $1.073 billion floating-rate asset-backed certificates series 2009-2 (see list). The preliminary ratings are based on
