Moody's affirmed American Express Co.'s A3 issuer rating and (P)A3 senior unsecured shelf and subordinate shelf ratings.

The issuer rating of American Express Credit Corp. was affirmed at A2, while its senior unsecured shelf was affirmed at (P)A2.

The rating agency affirmed American Express National Bank's baseline credit assessment at "a2" and short-term deposit rating at P-1. Moody's downgraded the bank's issuer rating to A3 from A2. The bank's long-term deposit rating was downgraded to Aa3 from Aa2.

The outlook on all ratings is stable.

According to the rating agency, American Express National Bank's baseline credit assessment reflects the company's key fundamental strengths, including American Express' robust profitability supported by its "leading" credit card franchise, global payments network and strong capitalization, among other things.

American Express National Bank's ratings downgrades were a result of a decrease in the amount of senior unsecured debt funding at the bank which is currently entirely comprised of inter-company loans.