Fitch Upgrades Amex to A+ on Strong Fee Business, Affluent Customer Base

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 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.

American Express 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. This spend-heavy approach has generated industry-leading operating profitability while maintaining superior asset quality.