OVERVIEW American Express Credit Account Master Trust's 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 preliminary ratings to the class A and B notes. The preliminary ratings reflect our view of the transaction's credit support, timely interest and principal payments, and payment structure, among other factors. NEW YORK (Standard&Poor's) Aug. 13, 2012--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $804.546 million floating-rate asset-backed certificates series 2012-3 (see list). The note issuance is an asset-backed securities transaction
