S&P says American Express ratings unaffected by 1Q earnings

On Thursday, American Express said it earned $991 million, or 85 cents per share, for the first three months of the year, down from $1.06 billion, or 87 cents per share, during the year-ago period.

American Express' earnings are likely to be pressured in the coming quarters due to weakening in the economy, but its high-credit customers will allow it to avoid the worst of credit problems, S&P said in a statement.