OVERVIEW American Express Credit Account Master Trust's series 2010-1 issuance is a securitization of a pool consisting 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 credit support, pool characteristics, underlying payment structure, cash flow mechanics, and the transaction's legal structure, among other factors. NEW YORK (Standard&Poor's) April 28, 2010--Standard&Poor's Ratings Services today assigned its American Express Credit Account Master Trust's $804.545 million floating-rate asset-backed certificates series 2010-1 (see list). The preliminary ratings are based on information
