DBRS ups American Express operating entities, trend to stable

DBRS said it upgraded the ratings on American Express Co.’s main operating entities to AA (low) and revised the trend on all ratings to stable.

The entities include American Express Credit Corp. and American Express Travel Related Services.

DBRS confirmed American Express’ long-term rating at A (high).

“The upgrade of the operating entities reflects Amex’s sustained positive operating leverage, which has been accompanied by sound balance sheet fundamentals. The upgrade also considers the progress Amex has made over the years in improving its funding profile by diversifying funding sources, as well as having deposits comprise over half of all funding, up from 30% in 2010,” said DBRS in a press release.

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