NEW YORK (Standard&Poor's) April 11, 2008--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $796.876 million floating-rate, asset-backed notes series 2008-3 (see list). The preliminary ratings are based on information as of April 11, 2008. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The 12.00% credit enhancement available for the class A notes; -- The 6.50% credit enhancement available for the class B notes; -- 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 shorten investors' exposure to losses; and
