NEW YORK (Standard&Poor's) Feb. 15, 2007--Standard&Poor's Ratings Services today raised and affirmed its ratings on various series of notes issued out of the American Express Credit Account Master Trust and the American Express Credit Account Secured Note Trust (see list). The upgrades reflect the continued positive performance trends exhibited by the underlying pool of credit card receivables. The gross loss rate has been declining since 1997, with a slight increase in 2001 and 2002. The loss rate for the trust has drifted lower since 2002, and averaged 5.90% for 2003, 5.24% for 2004, 4.69% for 2005, and 3.08% for 2006. The 2006 data highlights the benefits derived from the acceleration of the bankruptcy filings during the
