NEW YORK (Standard&Poor's) Feb. 27, 2004--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $800 million floating-rate asset-backed certificates series 2004-1 (see list). The preliminary ratings are based on information as of Feb. 27, 2004. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect credit enhancement of 16.5% for the class A certificates and 9.0% for the class B certificates; strong and stable historical portfolio performance; and structural considerations. A copy of Standard&Poor's complete presale report for this transaction can be found on RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also
