NEW YORK (Standard&Poor's) June 13, 2006--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust Series 2006-1's $910 million floating-rate asset-backed certificates series 2006-1. The preliminary ratings are based on information as of June 13, 2006. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit enhancement of 16.5% for the class A certificates and 9.0% for the class B certificates, the strong and stable historical portfolio performance, and structural considerations. The preliminary ratings also reflect the repayment of principal by the series termination date, Dec. 16, 2013, and not the expected final payment date. A copy of Standard
