OREANDA-NEWS. Fitch Ratings expects to assign the following ratings to American Express Credit Account Master Trust and American Express Credit Account Secured Note Trust, series 2015-1:

--$500,000,000 class A floating-rate asset backed certificates 'AAAsf'; Outlook Stable;
--$15,715,000 class B floating-rate asset backed certificates 'A+sf'; Outlook Stable;
--$37,143,000 class 1 floating-rate secured notes 'BBB+sf'; Outlook Stable;
--$18,572,000 class 2 floating-rate secured notes 'NR'.

KEY RATING DRIVERS

Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, American Express Centurion Bank (AECB) and American Express Bank, FSB's (FSB) underwriting, American Express Travel Related Services Company, Inc.'s (TRS) servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization triggers.

RATING SENSITIVITIES
Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults, 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

Increasing defaults alone do not impact ratings migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduction in purchase rate also leads to no impact on rating migration even in the most severe scenario of a 100% reduction in purchase rate. The harshest scenario assumes that an increase in defaults and reduction in MPR occur simultaneously. In this scenario, the ratings could be downgraded under the severe stress of a 75% increase in defaults and 35% reduction in MPR.

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DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.