S&P: American Express unchanged

Standard & Poor's said the bankruptcy of Delta Air Lines Inc. (D) does not have any implications for the ratings or outlook of American Express Co. (AXP, A+/negative/A-1).

The agency noted AXP's exposure to Delta comes in the form of prepaid airfares through the AXP charge and credit cards, revenues associated with the co-branded AXP and Delta rewards card and an advance that AXP has paid to Delta for the purchase of Delta SkyMiles rewards points that may be purchased by AXP's card members participating in various rewards programs.

The first two exposures would concern us only if Delta Air Lines were to cease operation and enter liquidation, which is not likely, S&P added.

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