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BULLETIN: American Express Co.'s Ratings Unaffected by Special Charges, Exposure to Delta Oct 04
Standard & Poors, Oct 2004
Abstract
NEW YORK (Standard & Poor's) Oct. 26, 2004--In its third-quarter 2004 earnings release, American Express Co. (American Express, A+/Stable/A-1) disclosed that it will record a special charge related to the reconciliation of lending receivable accounts that resulted in an overstatement of securitization gains covering the period from first-quarter 1999 through second-quarter 2004. The total charge for the five previous years will be approximately $115 million. In addition, the company indicated in its earnings release that it will be signing a comprehensive agreement with Delta Air Lines Inc. (Delta, CC/Negative/--) that in addition to extending its cobrand, membership rewards and merchant acceptance partnership with Delta, the company will also be providing various forms of financing to the troubled airline. Following a...
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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