RATINGS ASSIGNED NEW ISSUE Asset-backed certificates series 1996-1 Class A AAA Class B A TRANSACTION SUMMARY Sale date: May 16, 1996. Securities offered: $865.0 million class A 6.8% asset-backed certificates; $60.0 million class B 6.95% asset-backed certificates. Transferor: American Express Centurion Bank (`A+/A-1'). Servicer: American Express Travel Related Services. Trustee: The Bank of New York (`A+/A-1'). Credit enhancement: Class A support is provided by 6% subordination of the class B certificates and 7.5% subordination of the unrated collateral invested amount. Class B support is provided by the 7.5% collateral invested amount. Lead underwriter: Merrill Lynch. The ratings on the American Express Credit Account Master Trust series 1996-1 certificates are based on: Credit enhancement levels of 13.5% for class A and
