American Express Securitization Receives Top Ratings from Fitch

Financial services firm American Express has received top ratings for its latest credit card receivables securitization. Fitch Ratings assigned a AAAsf rating to the class A certificates in the American Express Credit Account Master Trust's 2026-1 issuance, citing strong trust performance and stable credit indicators.

The deal covers receivables from revolving credit card accounts originated by American Express National Bank. As of July 2026, sixty-plus day delinquencies had improved to 0.51%, while gross charge-offs decreased to 1.94%. The monthly payment rate rose to 53.24%.

The credit enhancement supporting the class A certificates totals 12.50%, backed by 3.75% subordination from class B certificates and 8.75% from collateral interest. Fitch also notes that American Express National Bank and TRS are effective originators and servicers, respectively, citing historical delinquency and loss performance.

Fitch's rating reflects its expectation that trust performance continues to support the ratings, with robust loss multiples described as sufficient for expected ratings.