Fitch puts American Express deposits on watch

Fitch Ratings said it placed American Express Bank, FSB's and American Express Centurion Bank's short-term deposit ratings on rating watch negative following the publication of Fitch's exposure draft regarding its global bank rating criteria.

The agency said the rating watch negative reflects Fitch's expectation that the short-term deposit ratings would be downgraded by one notch if the updated criteria is finalized as proposed.

The downgrade would reflect revised linkage between short-term and long-term ratings for certain rating levels, the agency said.

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