Fitch to Rate American Express Issuance Trust II, Series 2013-1; Presale Issued

  Fitch to Rate American Express Issuance Trust II, Series 2013-1; Presale
  Issued

Business Wire

NEW YORK -- March 13, 2013

Fitch Ratings expects to assign the following ratings to American Express
Issuance Trust II's asset-backed notes, series 2013-1:

--$500,000,000 class A floating-rate 'AAAsf'; Outlook Stable;

--$22,222,000 class B floating-rate 'A+sf'; Outlook Stable;

--$33,334,000 class C floating-rate 'BBBsf'; Outlook Stable.

Key Rating Drivers:

Fitch's expected ratings are based on the underlying receivables pool,
available credit enhancement, American Express Centurion Bank (AECB) and
American Express Bank, FSB's (FSB) underwriting, American Express Travel
Related Services Company, Inc.'s (TRS) servicing capabilities, and the
transaction's legal and cash flow structures, which employ early amortization
triggers.

Rating Sensitivities:

Fitch models three different scenarios when evaluating the rating sensitivity
compared to expected performance for credit card asset-backed securities
transactions: 1) increased defaults; 2) a reduction in monthly payment rate
(MPR), and 3) a combination stress of higher defaults and lower MPR.

Increasing defaults and reducing MPR alone have the least impact on rating
migration even in the most severe scenario of a 75% increase in defaults. The
harshest scenario assumes both stresses in increased chargeoffs and reduction
to MPR to occur simultaneously. As such, the ratings would only be migrated
downward under the severe stress of a 50% increase in defaults and 20%
reduction in MPR.

To date, the transactions have exhibited strong performance with all
performance metrics within Fitch's initial expectations. For further
discussion of Fitch's sensitivity analysis, please see the related presale
report. For a discussion of the representations, warranties, and enforcement
mechanisms available to investors in this transaction please see the related
presale appendix.

The presale report is available to all investors on Fitch's website at
'www.fitchratings.com'. For more information about Fitch's comprehensive
subscription service FitchResearch, which includes all presale reports,
surveillance, and credit reports on more than 20 asset classes, contact
product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 2012);

--'Global Structured Finance Rating Criteria' (June 2012);

--'Representations, Warranties, and Enforcement Mechanisms in Global
Structured Finance Transactions' (April 2012).

Applicable Criteria and Related Research American Express IssuanceTrustII,
Series 2013-1

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703681

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681533

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE '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
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PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Herman C. Poon
Director
+1-212-908-0847
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com
 
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