Moody's lowers American Express

Moody's Investors Service said it lowered the long-term senior ratings of American Express Co. to A2 from A1, and also lowered the ratings of American Express Travel Related Services and its rated operating subsidiaries to A1 from Aa3.

The agency said that the Prime-1 short-term ratings for Amex and rated subsidiaries were affirmed.

The outlook for Amex and its subsidiaries is negative.

According to Moody's, the lower ratings reflect Amex's negative asset quality trends and lending exposures, particularly within geographic markets in the United States that have experienced sharp home price declines.

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