The ratings on the American Express Credit Account Master Trust series 1999-1 class A and class B certificates reflect: Credit enhancement of 13.5% for class A certificates and 7.5% for class B certificates; Strong and stable historical portfolio performance; and Structural considerations, including subordination of interest payable to the collateral interest holder. Series 1999-1 uses a senior/subordinated structure, which is comprised of the class A certificates, the class B certificates and an unrated collateral invested amount. The collateral invested amount, initially totaling $75 million, provides the first source of credit enhancement for the class A and B certificates. The class A certificates receive further credit enhancement through the subordination of the class B certificates. Class A certificateholders will receive interest
