Moody's Maintains Credit Ratings for American Express Asset Backed Certificates

Strategic Insights -

Moody's Ratings announced today that the issuance of the American Express Credit Account Master Trust, Series 2025-2 Class A Asset Backed Certificates and 2025-3 Class A Asset Backed Certificates on May 13th, 2025, would not, in and of itself, result in the downgrade or withdrawal of the ratings assigned to any class of outstanding securities issued by the trust.

The issuance of the new certificates will increase the investor's share of the collateral pool of credit card receivables by the proportional amount of the new issuance, while decreasing the seller's share of the pool by the same proportion. The Series 2025-2 and 2025-3 Certificates and the outstanding securities share a pro rata undivided interest in the same collateral pool of credit card receivables and have similar terms.

Key Takeaways:

  • The issuance of the American Express Credit Account Master Trust, Series 2025-2 and 2025-3 Class A Asset Backed Certificates will not result in the downgrade or withdrawal of the ratings assigned to any class of outstanding securities issued by the trust.
  • The new certificates will increase the investor's share of the collateral pool of credit card receivables by the proportional amount of the new issuance, while decreasing the seller's share of the pool by the same proportion.
  • The Series 2025-2 and 2025-3 Certificates and the outstanding securities share a pro rata undivided interest in the same collateral pool of credit card receivables and have similar terms.
  • Moody's opinion addresses only the credit impact associated with the issuance of the new certificates and does not express any opinion on potential non-credit related effects.
  • This publication does not announce a credit rating action.
  • Certificate holders and/or counterparties may be impacted by other credit-related effects not addressed by Moody's opinion.

Statistics:

  • 2 new certificates issued by the American Express Credit Account Master Trust on May 13th, 2025.
  • The new certificates are part of the Series 2025-2 and 2025-3 Class A Asset Backed Certificates.
  • The collateral pool of credit card receivables has increased by the proportional amount of the new issuance.
  • The seller's share of the collateral pool has decreased by the same proportion as the increase in the investor's share.

Sources:

  • Moody's Ratings

+ Moody's Ratings website: [https://ratings.moodys.com](https://ratings.moodys.com)