Fitch Upgrades American Express to A+ on Fee Business Strength

Fitch Ratings has upgraded American Express's long-term issuer default rating to 'A+' from 'A', citing its affluent customer base, resilient fee-centric earnings model, and robust balance sheet fundamentals.

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.

This upgrade highlights the structural advantages of American Express's unique closed-loop payments network, which allows the company to capture broader payment economics than conventional card-issuing peers.

Fitch noted that this integrated ecosystem, coupled with strong growth among high-spending cardholders, provides steady revenue visibility and protects profitability across shifting economic cycles.