S&P puts AmEx on watch

Standard & Poor's said it placed both long- and short-term ratings on American Express Co. (A/A-1) and its subsidiaries on CreditWatch with negative implications.

The watch reflects the firm's recent disclosure of escalating credit quality deterioration within the context of what will be continuing macroeconomic weakness and pressures on the consumer, according to the agency.

The watch also reflects certain company-specific considerations, the agency noted.

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