NEW YORK (Standard&Poor's) Feb. 7, 2007--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $500 million floating-rate, asset-backed certificates series 2007-1 (see list). The preliminary ratings are based on information as of Feb. 7, 2007. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The 12% credit enhancement for the benefit of class A certificates; -- The 6.5% credit enhancement for benefit of the class B certificates; -- The portfolio's strong performance over the past five years; -- Structural features, including amortization events, that trigger the accelerated paydown of the notes and shorten investors' exposure to losses; and
