NEW YORK (Standard&Poor's) June 30, 2008--Standard&Poor's Ratings Services today assigned its ratings to American Express Credit Account Master Trust Series 2008-A's $5,312,505,000 variable funding floating-rate, asset-backed certificates series 2008-A (see list). The ratings reflect: -- The 12.0% credit enhancement for the benefit of the class A certificates; -- The 6.5% credit enhancement for the benefit of 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 -- The sound legal structure. Standard&Poor's ratings address the timely payment of interest and the ultimate payment of principal by the
