NEW YORK (Standard&Poor's) Aug. 12, 2008-- Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $557.813 million floating-rate, asset-backed certificates series 2008-7 (see list). The preliminary ratings are based on information as of Aug. 12, 2008. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. -- The preliminary ratings reflect: -- The 12.0% credit enhancement for the class A certificates; -- The 6.5% credit enhancement for the class B certificates; -- The portfolio's strong historical performance over the past five years; -- The structural features, including amortization events, that trigger the accelerated paydown of the certificates and shorten investors' exposure to losses; and
