OVERVIEW -- American Express Credit Account Master Trust consists of receivables from designated 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 are assigning our preliminary ratings to two classes from the series 2009-1 transaction. -- The assigned preliminary ratings reflect our opinion of the transaction's credit support, collateral pool, servicer, and other features, as well as our current criteria and assumptions. NEW YORK (Standard&Poor's) June 3, 2009--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $1.073 billion floating-rate asset-backed certificates series 2009-1 (see list). The preliminary ratings are based on
