2008-05-16 19:21:54 -

- Fitch Ratings affirms American Express Company (AXP) as follows:

--Long-term Issuer Default Rating (IDR) 'A+';

--Short-term IDR 'F1';

--Commercial paper 'F1';

--Short-term debt 'F1';

--Senior debt 'A+';

--Hybrid capital instrument 'A';

--Individual 'B';

--Support '5';

--Support Floor 'NF'.

The Rating Outlook is Stable. Approximately $85 billion of deposits, debt,

and hybrid equity is affected by this action. A complete list of ratings is detailed at the end of this release.

The affirmation reflects AXP's strong global franchise, solid market position in the charge and credit card industry, consistent operating performance, peer-superior asset quality, diverse funding base, and stable risk-adjusted capitalization. Ratings are constrained by limited revenue diversity, the intense competition in the financial services industry, and heightened legislative scrutiny of the credit card industry.

The Outlook reflects the expectation that consumer credit metrics will continue to worsen over the remainder of 2008; although Fitch believes AXP is in a better position to deal with a deteriorating consumer credit environment, relative to peers, given its attractive customer profile and sophisticated risk management capabilities. However, deterioration of asset quality metrics combined with significant declines in profitability, and/or a weakening funding and capitalization profile, could result in negative rating action. Conversely, positive rating momentum could result from the company's ability to manage through the current credit environment with no material impact on profitability and/or capitalization and without the need to raise additional equity capital, as has been the case with several similarly rated peers.

Fitch affirmed the following with a Stable Outlook:

American Express Credit Corp.

--Long-term IDR 'A+';

--Short-term IDR 'F1';

--Short-term debt 'F1';

--Commercial paper 'F1';

--Senior debt 'A+'.

American Express Centurion Bank

--Long-term IDR 'A+';

--Short-term IDR 'F1';

--Short-term debt 'F1';

--Senior debt 'A+';

--Short-term deposits 'F1+';

--Individual 'B';

--Support '1'.

American Express, FSB

--Long-term IDR 'A+';

--Short-term IDR 'F1';

--Short-term debt 'F1';

--Senior debt 'A+';

--Short-term deposits 'F1+';

--Individual 'B';

--Support '1'.

American Express Travel Related Services Company, Inc.

--Long-term IDR 'A+';

--Short-term IDR 'F1';

--Senior debt 'A+'.

American Express Canada Credit Corporation

--Long-term IDR 'A+';

--Short-term IDR 'F1';

--Senior debt 'A+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings
Meghan Crowe, CFA, +1-212-908-9121
Christopher D. Wolfe, +1-212-908-0771 (New York)
Media Relations:
Kenneth Reed, +1-212-908-0540 (New York)