DBRS: Amex unchanged

DBRS said that the ratings of American Express Co., including its A (high) issuer and long-term debt ratings, are unaffected following the company's release of 2Q11 earnings.

The trend is stable.

Amex's results continue to evidence a strong balance sheet, the strong revenue generation capability of the franchise and continued industry best credit performance, the agency said.

The very solid results were achieved despite expenses, which increased 21% year-on-year, the agency added. The higher expenses were driven by a 35% increase in cardmember rewards and services expense due to the increase in cardmember spend, higher redemption rates and a shift in redemption to options with higher costs.

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