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 strong fee-centric earnings model and robust balance sheet fundamentals.

The credit rating agency noted that American Express's affluent customer base, coupled with its unique closed-loop payments network, provides steady revenue visibility and protects profitability across shifting economic cycles.

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