The ratings on American Express Credit Account Master Trust's asset-backed certificates series 2000-1 reflect credit enhancement of 13.5% for the class A certificates and 7.5% for the class B certificates; strong and stable historical portfolio performance; and structural considerations, including subordination of interest payable to the collateral interest holder. Credit support for the class A certificates is provided by the subordination of the class B certificates and the unrated collateral invested amount. Credit support for the class B certificates is provided by the collateral invested amount. Class A receives monthly interest payments at the rate of 7.20% per year, beginning on March 15, 2000. Class B receives interest payments at the rate of 7.40% per year, paid on the same
