S&P: American Express unaffected

Standard & Poor's said the rating on American Express Co. (A+/stable/A-1) will not be affected by the company's announcement that it will acquire Corporate Payment Services, General Electric Co.'s commercial card and corporate purchasing business unit for $1.1 billion in cash.

Corporate Payment's services are similar to those offered by the issuer's commercial card business unit, S&P noted, and enhance that unit by adding 300 customers, including General Electric, which signed a multiyear agreement to become a client. The acquisition also enhances the company's position in the global payment sector, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.