Moody's Lowered American Express Rating
Azerbaijan, Baku, 23 October/ Trend , corr N. Ismayilova/ Moody's Investors Service lowered the Long-term Senior ratings of financial services holding company American Express Company to A2 from A1, and also lowered the ratings of American Express Travel Related Services and its rated operating subsidiaries to A1 from Aa3
Rating was lowered under the condition of the financial crisis which strongly hurt US economy.
Given the severity of the current housing and credit crisis, the ability to forecast the future performance of Amex is very limited. For the outlook to return to stable, Amex will have to continue to generate asset quality and profitability levels consistent with the firm's performance in past economic downturns, Moody's press release said.