S&P: No change for American Express

Standard & Poor's said American Express Co.'s BBB+ and A-2 ratings are unaffected by the company's good first-quarter results, which were consistent with expectations.

Asset-quality improvement continued, as net charge-offs and delinquencies declined in the charge-card and lending businesses, S&P said.

Although there may be continued improvements in asset quality in the near term, the agency said it expects metrics to weaken nominally as certain asset-quality measures are at historic levels, the agency said.

S&P said it expects financial performance to remain under higher-than-normal pressure through 2011.

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