NEW YORK (Standard&Poor's) June 1, 2004--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust $600 million asset-backed certificates series 2004-3 (see list). The preliminary ratings are based on information as of June 1, 2004. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings on American Express Credit Account Master Trust's series 2004-3 certificates reflect credit enhancement of 13.0% for the class A certificates and 8.0% 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
