Fitch Affirms American Express Issuance Trust

Fitch Ratings has affirmed the long-term ratings and Outlooks assigned to American Express Issuance Trust as follows:

American Express Issuance Trust Series 2005-2:

--Class A at 'AAAsf'; Outlook Stable;

--Class B at 'A+sf'; Outlook Stable;

--Class C at 'BBB+sf'; Outlook Stable.

American Express Issuance Trust Series 2007-2:

--Class A at 'AAAsf'; Outlook Stable;

--Class B at 'Asf'; Outlook Stable;

--Class C at 'BBB+sf'; Outlook Stable.

The affirmation is based on continued positive trust performance. Gross yield has remained stable since last review. As of the April 2012 reporting period, the 12-month average gross yield was 35.26%, up slightly from the 12-month average of 34.45% at this point last year.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their charge card consumptions, has remained consistent over the past year. Currently the 12-month average is 95.27%, down slightly from 95.73% at the April 2011 reporting period. All accounts in the trust are charge cards, meaning that the balance cannot revolve from month to month and is meant to be paid in full by next month.

Gross chargeoffs have remained stable since last review. Currently the 12-month average is 2.15%, compared to 2.21% at the April 2011 reporting period. As of the April 2012 distribution date, the 12-month average 60+ day delinquencies were 0.85%.

Fitch runs cash flow breakeven analysis by applying stress scenarios to 3-, 6-, and 12-month performance averages to evaluate the breakeven loss multiples at different rating levels. The performance variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates. Fitch's analysis included a comparison of observed performance trends over the past few months to Fitch's base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts. For further information, please review the U.S. Credit Card ABS Issuance updates published on a monthly basis.

The affirmations are based on the performance of the trusts in line with expectations. Stable outlook indicates that Fitch expects the ratings will remain stable for the next two years.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 28, 2011);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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Contacts:

Fitch Ratings
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Brian Perry, [phone]
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Herman Poon, [phone]
Director
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Cynthia Ullrich, [phone]
Senior Director
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