NEW YORK (Standard&Poor's) May 10, 2007--Standard&Poor's Ratings Services today assigned its preliminary ratings to American Express Credit Account Master Trust's $748 million floating-rate asset-backed certificates series 2007-4 (see list). The preliminary ratings are based on information as of May 10, 2007. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The 12% 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; -- Structural features, including amortization events, that trigger the accelerated paydown of the certificates and shorten investors' exposure
