Fitch Boosts Amex to A+ on Fee Business Strength

Fitch Ratings has upgraded American Express's long-term issuer default rating to 'A+' from 'A' due to its strong fee business and premium customer base.

The credit rating agency also raised the viability ratings for both American Express and its primary banking subsidiary, American Express National Bank, to 'a+' with a stable outlook.

Fitch noted that American Express's unique closed-loop payments network provides structural advantages, allowing it to capture broader payment economics than conventional card-issuing peers.

The company has delivered an 11% compound annual revenue growth rate since 2022, largely insulated from rate volatility by deriving nearly three-quarters of its top line from card fees, merchant discounts, and processing services.