The ratings on American Express Credit Account Master Trust's certificates series 2003-1 reflect credit enhancement of 17.5% for the class A certificates and 9.5% 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 interest payments monthly at the rate of 0.11% per year above LIBOR, calculated on the basis of the actual number of days in the related interest period divided by 360, which began
