DBRS: Amex unaffected

DBRS said the ratings of American Express Co. and its related subsidiaries, including its issuer and long-term debt rating of A (high), are unaffected by the company's first-quarter 2009 earnings results.

The trend on all non-FDIC guaranteed debt ratings remains negative.

Amex's first-quarter earnings release reported that the company generated income from continuing operations of $443 million, down 58% compared to the first quarter of 2008, as loan loss provisioning increased while consumer and business spend decreased.

DBRS said that although Amex's earnings were lower than for the year-ago quarter, the company remained profitable, which the agency views as an illustration of Amex's resiliency in a challenging operating environment.

© 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.