Moody's affirms American Express

Moody's Investors Service said it affirmed the ratings of American Express Co. and its subsidiaries, including American Express Bank Ltd. (A2 long-term issuer rating).

The outlook is stable.

According to Moody's, the affirmation is in response to the company's announcement that it agreed to sell its AEB international banking unit to Standard Chartered plc for cash equal to the net asset value of the bank at deal close plus $300 million.

According to the rating agency, the sale of the bank to Standard Chartered marks the next step in the company's continued efforts to focus on its core payment processing, charge and credit card businesses.

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