Fitch Ratings upgraded American Express Company’s long-term issuer default rating to A+ from A, while raising the viability ratings of American Express and American Express National Bank to a+, with a stable outlook. The agency cited the company’s affluent customer base, fee-focused earnings, robust balance sheet and closed-loop payments network, which combines card issuance, merchant relationships and processing. American Express has recorded an 11% compound annual revenue growth rate since 2022, with nearly three-quarters of revenue coming from card fees, merchant discounts and processing services. Fitch also highlighted operating profitability, resilient asset quality, capital generation, return on equity above 30% and strong risk controls. The company’s transition to Category II bank holding company oversight reflects expanding cross-jurisdictional activity, while Fitch expects its variable-cost structure and liquidity buffers to absorb normalizing consumer credit trends.