$571.4M American Express Credit Card Debt Offered as Asset-Backed Securities

American Express National Bank is issuing asset-backed securities (ABS) worth $571.4 million from a pool of general-purpose and co-branded revolving credit card receivables.

The American Express Credit Account Master Trust, series 2026-1, will sell the debt through three tranches of classes A and B notes with expected maturity dates of Sept. 17, 2029 and Sept. 15, 2031, according to S&P Global Ratings.

S&P's base-case loss assumption on AECAMT 2026-1 is 4.75%, with a 'AAA' rating stress loss assumption of 30%, increasing over 12 months.