NEW YORK (Standard&Poor's) Aug. 14, 2006--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust Series 2006-3's $546 million floating-rate asset-backed certificates series 2006-3 (see list). The preliminary ratings are based on information as of Aug. 14, 2006. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The 16.5% credit enhancement for the class A certificates and the 9.0% credit enhancement for the class B certificates; -- The strong and stable historical portfolio performance; and -- The structural and legal provisions of the transaction. The preliminary ratings also reflect the repayment of principal by the series termination date of
