OVERVIEW American Express Credit Account Master Trust's issuance is an ABS transaction backed by a pool of receivables generated by American Express credit card accounts and pay-over-time revolving credit features associated with charge card accounts that are owned by American Express National Bank. We assigned our preliminary ratings to the class A and B certificates from series 2018-4 and 2018-5. The preliminary ratings reflect our view of the transaction's credit support, underlying payment structure and cash flow mechanics, and the legal structure, among other factors. NEW YORK (S&P Global Ratings) May 14, 2018--S&P Global Ratings today assigned its preliminary ratings to American Express Credit Account Master Trust's $521.429 million and $518.679 million series 2018-4 and 2018-5 certificates, respectively (see list).
