NEW YORK (Standard&Poor's) Jan. 17, 2008--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust Series 2008-1's $1.87 billion floating-rate, asset-backed certificates series 2008-1 (see list). The preliminary ratings are based on information as of Jan. 17, 2008. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The 12.0% credit enhancement for the benefit of the class A certificates; -- The 6.5% credit enhancement for the benefit of the class B certificates; -- The portfolio's strong historical performance over the past five years; -- The structural features, including amortization events, that trigger the accelerated paydown of the certificates and
