NEW YORK (Standard&Poor's) Nov. 5, 2012--As Standard&Poor's Ratings Services previously announced, on Oct. 31, 2012, we assigned preliminary ratings to American Express Credit Account Master Trust's floating-rate asset-backed certificates series 2012-4 (see list). The note issuance is an asset-backed securities transaction backed by a pool of receivables generated by American Express credit card accounts and Pay Over Time revolving credit accounts that are owned by American Express Centurion Bank or American Express Bank FSB. The preliminary ratings are based on information as of Oct. 31, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: Our view that the credit support for each class of
