The preliminary rating assigned to American Express Credit Account Master Trust's (AECAMT or the trust) fixed-rate, asset-backed series 2025-3 class A certificates reflect: Our view that the proposed credit support of 12.50% is sufficient to withstand the simultaneous stresses we apply to our 4.75% base-case loss rate, 25.00% base-case payment rate, 18.00% base-case yield, and 3.00% purchase rate assumptions, as well as our stressed excess spread and certificate interest rate assumptions (see the S&P Global Ratings' Credit Ratings Assumptions section). Our view that the 7.00% minimum transferor's percentage is sufficient under our 'AAA' stress assumptions to absorb dilutions or noncash reductions in the receivables. The timely payment of interest each month and principal repayment by the legal final maturity date
