American Express National Bank is returning to raise about $571.4 million in asset-backed securities (ABS) from a pool of general-purpose and co-branded revolving credit card receivables.
The American Express Credit Account Master Trust, series 2026-1, will sell the debt through three tranches of classes A and B notes, which hall have an expected maturity date of Sept. 17, 2029 and Sept. 15, 2031, according to analysts at S&P Global Ratings.
S&P's base-case loss assumption on AECAMT 2026-1 is 4.75%, with a 'AAA' rating stress loss assumption of 30%, with losses increasing to that level over 12 months.
S&P assigned AAA ratings to the class A notes but did not assign ratings to the class B notes.
Classes A and B have credit support levels of 12.50% and 8.75%, respectively, provided by class B subordination collateral interest certificates.
On average, the accounts have a balance of $2,126, and among accounts with a non-zero balance, S&P says, the average account balance is $4,936.
A slight majority of the accounts in the pool, 51.94%, have credit limits of $10,000, and all the accounts are at least five years old, S&P said. While a majority of accountholders in the pool have a credit score of more than 760, only 5.41% have a score less than 660, the rating agency said.
Co-branded accounts represent 31.48% of receivables, and of all the receivables, Delta co-branded cards represent 24.66% of the receivables.
Most accountholders in the pool, 69.17%, are making full payments or more than the monthly minimums, according to S&P.
The master trust had a total receivables balance of $26.1 billion as of July 31, 2026.
