4969--3/31/2010--AMERICAN_EXPRESS_CREDIT

related topics

{regulation, change, law}

{capital, credit, financial}

{operation, international, foreign}

{loss, insurance, financial}

{condition, economic, financial}

{interest, director, officer}

{competitive, industry, competition}

Adverse capital and credit market conditions may significantly affect Credco s ability to meet liquidity needs, access to capital and cost of capital. Difficult conditions in the global capital markets and the economy generally may materially adversely affect Credco s business and results of operations. The impairment of other financial institutions could adversely affect Credco. Any reduction in Credco s credit ratings could increase the cost of its funding from and restrict Credco s access to the capital markets and have a material adverse effect on Credco s results of operations and financial condition. Adverse currency fluctuations and foreign exchange controls could decrease revenue Credco receives from its international operations. The risk management policies and procedures of Credco and the Card Issuers may not be effective. Credco is an indirect wholly-owned subsidiary of American Express and therefore subject to strategic decisions of American Express and affected by American Express performance. Credco is an indirect wholly-owned subsidiary of American Express and any arrangements or agreements between the two entities may have different terms than would have been negotiated by independent, unrelated parties. Credco and its subsidiaries are dependent on the Card Issuers that generate receivables. The Credit Card Accountability Responsibility and Disclosure Act (CARD Act) of 2009 will significantly impact Credco s business practices and could have a material adverse effect on Credco s results of operations. Proposed legislative and regulatory reforms could, if enacted or adopted, result in our business becoming subject to significant and extensive additional regulations, which could adversely affect our results of operations and financial condition.

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4969--3/31/2010--AMERICAN_EXPRESS_CREDIT_CORP