Standard & Poor's (S&P)

Standard & Poor's (S&P) Ratings Services cut long-term ratings for American Express Co. to "A" from "A+". The awarded rating is considered to be an investment grade, as well.

Commenting on the issue the agency said it had lowered the rating due to such reasons as: expectations of further weakening in consumer credit quality, rising losses on the lender's credit card portfolio and its high concentration of funding through wholesale markets.