S&P affirms American Express, view up to stable

Standard & Poor's said it affirmed its ratings on American Express Co. and its subsidiaries, including its A+/A-1 counterparty credit rating.

At the same time, the outlook was revised to stable from negative, the agency said.

The ratings were placed on CreditWatch with negative implications on Feb. 1, prompted by the company's announcement that it would spin off its insurance, financial advisory and asset management division, American Express Financial Corp.

The removal of the CreditWatch reflected the agency's belief that business diversity and income lost from the spin-off, while significant, would be offset by growth in the company's global charge card, credit card and network businesses and the consolidated entity would benefit from a reduction in its overall level of risk and capital intensity.

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