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BULLETIN: American Express Co. Ratings Unaffected By Delta Bankruptcy Sep 05
Standard & Poors, Sep 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 15, 2005--Standard & Poor's Ratings Services said today that the bankruptcy of Delta Air Lines Inc. (Delta, rated D/--/--) does not have any implications for the ratings or outlook of American Express Co. (AXP, rated A+/Negative/A-1). AXP's exposure to Delta comes in three forms: (1) prepaid airfares through the AXP charge and credit cards; (2) revenues associated with the co-branded AXP and Delta rewards card; and (3) an advance that AXP has paid to Delta for the purchase of Delta SkyMiles rewards points that may be purchased by AXP's card members participating in various rewards programs. The first two exposures would concern us only if Delta Air Lines were to cease operation and enter...
Companies mentioned in this report are: American Express Co.,Delta Air Lines Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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