NEW YORK (Standard&Poor's) July 16, 2002--Standard&Poor's today assigned its preliminary ratings to American Express Credit Account Master Trust's $543.0 million floating-rate asset-backed certificates series 2002-5 (see list). The preliminary ratings are based on information as of July 16, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect credit enhancement of 17.5% for the class A certificates and 9.5% for the class B certificates; strong and stable historical portfolio performance; and structural considerations, including subordination of interest payable to the collateral interest holder. A copy of Standard&Poor's complete presale report for this transaction is available on RatingsDirect, Standard&Poor's Web-based credit analysis
