Fitch affirms American Express

Fitch Ratings said it affirmed the long-term issuer default rating of American Express Co. and its subsidiaries at A+.

The outlook is stable.

According to Fitch, the affirmation reflects the issuer's strong franchise, solid growth and market position in the charge and credit card industry, consistent operating performance, diverse funding base and stable risk-adjusted capitalization.

Ratings are constrained by limited revenue diversity, the intense competition in the financial services industry, the evolving nature of payments and credit products, and the heightened legislative scrutiny of the credit card industry, the agency said.

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