AXP slips toward BBB

MARCH 19, 2009, 1:36 P.M. ET S&P May Downgrade AmEx

S&P has four investment grades: AAA, AA, A and BBB. AXP is currently "A" but will get "BBB" as unemployment nears 10%. AXP has roughly $2000 due per credit card with the default rate 1 in 12 and rising.

http://online.wsj.com/article/SB123748361359986215.html

p57 of the 2007 annual report mentions 16 million cards-in-force http://www.ezodproxy.com/axp/2008/ar/single/HTML1/axp_ar2007_0059.htm