NEW YORK (Standard&Poor's) June 17, 2003--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $680 million fixed-rate asset-backed certificates series 2003-4 (see list). The preliminary ratings are based on information as of June 17, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect credit enhancement of 13.5% for the class A certificates and 7.5% 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 can be found on RatingsDirect, Standard&Poor's
