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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
--------------------
FORM 10-Q
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(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File No. 1-6908
AMERICAN EXPRESS CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 11-1988350
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Christina Centre, 301 North Walnut Street 19801-2919
Suite 1002, Wilmington, Delaware (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 594-3350.
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND
(b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN
ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL
INSTRUCTIONS H(2).
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at August 14, 2002
- ------------------------------------ ------------------------------
Common Stock, $.10 par value 1,504,938 shares
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
FORM 10-Q
INDEX
PART I. FINANCIAL INFORMATION Page No.
--------
Item 1. Financial Statements
Condensed consolidated statements
of income and retained earnings - three and six
months ended June 30, 2002 and 2001 3
Condensed consolidated balance
sheets - June 30, 2002 and
December 31, 2001 4
Condensed consolidated statements
of cash flows - six months ended
June 30, 2002 and 2001 5
Notes to condensed consolidated
financial statements 6
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
-2-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
PART I
Item 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND RETAINED EARNINGS
(Millions)
(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
2002 2001 2002 2001
----------------------------------------------------- -------------- ------------ -------------- -------------
REVENUES
Revenue earned from purchased
accounts receivable $ 523 $ 665 $ 1,007 $ 1,307
Interest income from investments 19 42 39 82
Interest income from affiliates 11 23 23 50
Other 1 - 2 4
----------------------------------------------------- -------------- ------------ -------------- -------------
Total 554 730 1,071 1,443
----------------------------------------------------- -------------- ------------ -------------- -------------
EXPENSES
Interest expense - other 207 340 414 679
Provision for losses, net
of recoveries 229 220 421 412
Interest expense - affiliates 25 42 48 104
Other 11 4 26 8
----------------------------------------------------- -------------- ------------ -------------- -------------
Total 472 606 909 1,203
----------------------------------------------------- -------------- ------------ -------------- -------------
Pretax income 82 124 162 240
Income tax provision 28 41 55 80
----------------------------------------------------- -------------- ------------ -------------- -------------
Net income 54 83 107 160
Retained earnings at beginning of period 2,321 2,068 2,268 1,991
----------------------------------------------------- -------------- ------------ -------------- -------------
Retained earnings at end of period $ 2,375 $ 2,151 $ 2,375 $ 2,151
----------------------------------------------------- -------------- ------------ -------------- -------------
See notes to condensed consolidated financial statements.
-3-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions, except share data)
(Unaudited)
June 30, December 31,
2002 2001
------------------------------------------------------------- --------------------- -----------------------
ASSETS
Cash and cash equivalents $ 1,836 $ 408
Investments 1,838 1,428
Accounts receivable, less credit reserves:
2002, $728; 2001, $847 20,229 22,201
Loans and deposits with affiliates 1,909 1,907
Deferred charges and other assets 493 598
------------------------------------------------------------- --------------------- -----------------------
Total assets $ 26,305 $ 26,542
------------------------------------------------------------- --------------------- -----------------------
LIABILITIES AND SHAREHOLDER'S EQUITY
Short-term debt - other $ 10,599 $ 18,370
Short-term debt with affiliates 4,832 2,214
Current portion of long-term debt 3,341 800
Long-term debt with affiliate 943 910
Long-term debt - other 3,176 120
---------- ----------
Total debt 22,891 22,414
Due to affiliates 276 1,425
Accrued interest and other liabilities 854 503
------------------------------------------------------------- --------------------- -----------------------
Total liabilities 24,021 24,342
------------------------------------------------------------- --------------------- -----------------------
SHAREHOLDER'S EQUITY
Common stock-authorized 3 million
shares of $.10 par value; issued
and outstanding 1.5 million shares 1 1
Capital surplus 161 161
Retained earnings 2,375 2,268
Accumulated other comprehensive loss, net of tax:
Net unrealized securities losses (1) (4)
Net unrealized derivatives losses (252) (226)
------------------------------------------------------------- --------------------- -----------------------
Accumulated other comprehensive loss (253) (230)
------------------------------------------------------------- --------------------- -----------------------
Total shareholder's equity 2,284 2,200
------------------------------------------------------------- --------------------- -----------------------
Total liabilities and shareholder's equity $ 26,305 $ 26,542
------------------------------------------------------------- --------------------- -----------------------
See notes to condensed consolidated financial statements.
-4-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions)
(Unaudited)
Six Months Ended
June 30,
2002 2001
- ---------------------------------------------------------------------------------------- ----------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 107 $ 160
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Provision for losses 421 412
Amortization and other - (1)
Changes in operating assets and liabilities:
Deferred tax assets 38 (124)
Interest receivable and other operating assets 129 43
Due to affiliates 7 195
Accrued interest and other liabilities 274 161
- ---------------------------------------------------------------------------------------- ----------------- --------------
Net cash provided by operating activities 976 846
- ---------------------------------------------------------------------------------------- ----------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Accounts receivable 34 1,091
Recoveries of accounts receivable previously written off 122 91
Purchase of participation interest in seller's interest in
accounts receivable from an affiliate (1,518) -
Sale of participation interest in seller's interest in accounts
receivable to an affiliate 1,863 30
Sale of net accounts receivable to an affiliate 1,543 -
Purchase of net accounts receivable from an affiliate (491) (655)
Purchase of investments (406) (344)
Maturity of investments - 10
Sale of investments - 116
Loans and deposits due (to) from affiliates (3) 9
Due to affiliates (1,156) (600)
- ---------------------------------------------------------------------------------------- ----------------- --------------
Net cash used in investing activities (12) (252)
- ---------------------------------------------------------------------------------------- ----------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in short-term debt with affiliates
with maturities of ninety days or less 2,618 913
Net decrease in short-term debt - other with
maturities of ninety days or less (5,735) (1,041)
Issuance of debt 8,140 2,927
Redemption of debt (4,559) (2,896)
- ---------------------------------------------------------------------------------------- ----------------- --------------
Net cash provided by (used in) financing activities 464 (97)
- ---------------------------------------------------------------------------------------- ----------------- --------------
Net increase in cash and cash equivalents 1,428 497
- ---------------------------------------------------------------------------------------- ----------------- --------------
Cash and cash equivalents at beginning of period 408 1,008
- ---------------------------------------------------------------------------------------- ----------------- --------------
Cash and cash equivalents at end of period $ 1,836 $ 1,505
- ---------------------------------------------------------------------------------------- ----------------- --------------
See notes to condensed consolidated financial statements.
-5-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The condensed consolidated financial statements should be read in
conjunction with the Annual Report on Form 10-K of American Express Credit
Corporation, including its subsidiaries where appropriate ("Credco"), for
the year ended December 31, 2001. Significant accounting policies disclosed
therein have not changed.
The condensed consolidated financial statements are unaudited; however, in
the opinion of management, they include all adjustments (consisting of
normal recurring adjustments) necessary for a fair presentation of the
consolidated financial position of Credco at June 30, 2002 and the
consolidated results of its operations and changes in its retained earnings
for the three and six-month periods ended June 30, 2002 and 2001 and cash
flows for the six-month periods ended June 30, 2002 and 2001. Results of
operations reported for interim periods are not necessarily indicative of
results for the entire year. Certain prior year amounts have been
reclassified to conform to the current year presentation.
2. Investment Securities
The following is a summary of investments at June 30, 2002 and December 31,
2001:
(Millions) June 30, December 31,
2002 2001
------------------ ------------------
Available for Sale, at fair value (cost: June 30,
2002-$1,840; December 31, 2001-$1,434) $ 1,838 $ 1,428
------------------ ------------------
3. Comprehensive Income (Loss)
Comprehensive income (loss) is defined as the aggregate change in
shareholder's equity, excluding changes in ownership interests. For
Credco, it is the sum of net income and changes in 1) unrealized gains
or losses on available for sale securities and 2) unrealized gains or
losses on derivatives. The components of comprehensive income (loss),
net of related tax, for the three and six months ended June 30, 2002
and 2001 were as follows:
Three Months Six Months
(Millions) Ended Ended
June 30, June 30,
------------------------ --------------------------
2002 2001 2002 2001
---------- ---------- ---------- -----------
Net income $ 54 $ 83 $ 107 $ 160
Change in:
Net unrealized securities gains (losses) 5 (30) 3 (8)
Net unrealized derivatives losses (82) (101) (26) (187)*
---------- ---------- ---------- -----------
Total $ (23) $ (48) $ 84 $ (35)
---------- ---------- ---------- -----------
* The change in net unrealized losses on derivatives for the six months
ended June 30, 2001 includes the January 1, 2001 SFAS No. 133
transition effect of $59 million in net unrealized losses.
-6-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
4. Asset Securitizations
In the first six months of 2002, the American Express Master Trust (the
"Trust") securitized $1.75 billion of Charge Card receivables through
the public issuance of one class of investor certificates and privately
placed collateral interests in the assets of the Trust. At the time of
these issuances, Credco Receivables Corp. ("CRC"), a wholly-owned
subsidiary of Credco, sold $1.93 billion of gross seller's interest
($1.86 billion, net of reserves) to American Express Receivables
Financing Corporation ("RFC"), a wholly-owned subsidiary of American
Express Travel Related Services Company, Inc. ("TRS"), which is a
wholly-owned subsidiary of American Express Company ("American
Express"). In addition, at the time of the issuances, CRC purchased, as
an investment, $141.89 million of Class B Certificates collateralized
by the receivables held by the Trust.
In the first six months of 2002, the American Express Credit Account
Master Trust (the "Master Trust") securitized $2.78 billion of
revolving credit loans through the public issuances of two classes of
investor certificates and privately placed collateral interests in the
assets of the Master Trust. At the time of these issuances, CRC sold
$6.99 million of gross seller's interest ($6.79 million, net of
reserves) to American Express Receivables Financing Corporation II
("RFCII"), a wholly-owned subsidiary of TRS. In addition, at the time
of the issuances, CRC purchased, as an investment, $264.10 million of
Class C Certificates collateralized by the revolving credit receivables
held by the Master Trust.
In addition, in July 2002, the Master Trust securitized an additional
$1.10 billion of revolving credit loans through the public issuances of
two classes of investor certificates and privately placed collateral
interests in the assets of the Master Trust. At the time of these
issuances, CRC sold $1.60 million of gross seller's interest ($1.56
million, net of reserves) to RFCII. In addition, at the time of the
issuances, CRC purchased, as an investment, $104.50 million of Class C
Certificates collateralized by the revolving credit receivables held by
the Master Trust.
In July 2002, $47.5 million of Class C Certificates owned by CRC matured.
In August 2002 an additional $47.5 million of Class C Certificates are
scheduled to mature.
The Master Trust expects to securitize an additional $720 million of loans
in August 2002.
5. Taxes and Interest
For the six-month periods ended June 30, 2002 and 2001, Credco paid $1
million and $100 million of income taxes, respectively. Interest paid was
$308 million and $640 million for the six-month periods ended June 30, 2002
and 2001, respectively.
-7-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Liquidity and Capital Resources
In light of the current market environment, and as part of the company's ongoing
funding activities, during the six months ended June 30, 2002, American Express
Credit Corporation, including its subsidiaries where appropriate ("Credco"),
issued an aggregate of $6.0 billion of medium-term notes at fixed and floating
rates with maturities of one to three years which reflects a change in the
company's approach toward managing liquidity by placing a higher reliance on
medium-term notes and a lesser reliance on commercial paper. Proceeds from the
sale of these securities have contributed toward an overall reduction in total
commercial paper outstanding from $18 billion at December 31, 2001 to $10
billion at June 30, 2002 and an increase in committed bank line coverage of net
short-term debt from 58% to 107%.
As of June 30, 2002 Credco had the ability to issue approximately $4.0 billion
of debt securities and warrants to purchase debt securities available for
issuance under a shelf registration statement filed with the Securities and
Exchange Commission.
At June 30, 2002, Credco had the ability to issue $5.1 billion of debt under a
Euro Medium-Term Note program for the issuance of debt outside the United States
to non-U.S. persons. This program was established by Credco, American Express
Travel Related Services Company, Inc. ("TRS"), a wholly-owned subsidiary of
American Express Company ("American Express"), American Express Centurion Bank
("Centurion Bank"), a wholly-owned subsidiary of TRS, American Express Overseas
Credit Corporation Limited ("AEOCC"), a wholly-owned subsidiary of Credco, and
American Express Bank Ltd., a wholly-owned indirect subsidiary of American
Express. The maximum aggregate principal amount of debt instruments outstanding
at any one time under the program will not exceed $6.0 billion.
Committed credit line facilities at June 30, 2002 and 2001 totaled $9.35 billion
and $10.42 billion, respectively. In April 2002, Credco, American Express and
Centurion Bank renegotiated their committed credit line facilities. As of June
30, 2002, total available credit lines were $11.45 billion, including $1.50
billion allocated to American Express and $9.35 billion allocated to Credco. As
a result of an internal change in allocations on July 25, 2002, credit lines
were reallocated to include $1.60 billion allocated to American Express and
$9.42 billion allocated to Credco. As of July 31, 2002, Credco's allocated
committed bank line coverage of its net short-term debt was 111%. Credco has the
right to borrow up to a maximum amount of $11.02 billion, with a commensurate
reduction in the amount available to American Express. Based on this maximum
amount of available borrowing, Credco's committed bank line coverage of its net
short-term debt would have been 130% as of July 31, 2002. These facilities
expire in increments from 2003 through 2007.
Subsequent to the terrorist attacks of September 11th, American Express' A+ and
its subsidiaries' (including Credco's) credit ratings were affirmed by Standard
& Poor's and Fitch, two credit rating agencies. At the same time, however, each
agency revised its respective rating outlook on American Express and its
subsidiaries from stable to negative in light of the ensuing weak climate for
business and consumer travel and spending and weaker capital markets. On April
19, 2002, Fitch affirmed American Express' A+ and its subsidiaries' credit
rating and revised its ratings outlook to stable from negative citing American
Express' diversified financial services franchise, steady operating cash flows,
recurring profitability, good capitalization, and strong balance sheet
liquidity.
In the first six months of 2002, Credco recorded $9 million pretax ($6 million
after tax) of foreign exchange losses related to its exposure to receivables
denominated in Argentine pesos, which devalued by 123% during the first six
months of 2002. This exposure, totaling approximately $10 million U.S. Dollars
at June 30, 2002, was a result of the action taken by the Argentine government
at year end 2001 at which time the conversion of dollar denominated assets into
pesos was mandated and the peso simultaneously devalued. These actions are
likely to continue to impact Credco's results of operations throughout 2002.
Credco continues to evaluate economical ways to manage its Argentine exposure.
-8-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
Results of Operations
Credco purchases Cardmember receivables without recourse from TRS.
Non-interest-bearing charge Cardmember receivables are purchased at face amount
less a specified discount agreed upon from time to time, and interest-bearing
revolving credit Cardmember receivables are generally purchased at face amount.
Non-interest-bearing receivables are purchased under Receivables Agreements that
generally provide that the discount rate shall not be lower than a rate that
yields earnings of at least 1.25 times fixed charges on an annual basis. The
ratio of earnings to fixed charges for the six-month periods ended June 30, 2002
and 2001 was 1.35 and 1.31, respectively. The ratio of earnings to fixed charges
for American Express, the parent of TRS, for the six-month periods ended June
30, 2002 and 2001 was 2.41 and 1.54, respectively. The Receivables Agreements
also provide that consideration will be given from time to time to revising the
discount rate applicable to purchases of new receivables to reflect changes in
money market interest rates or significant changes in the collectibility of the
receivables. Pretax income depends primarily on the volume of Cardmember
receivables purchased, the discount rates applicable thereto, the relationship
of total discount to Credco's interest expense and the collectibility of
receivables purchased.
Credco purchased $92 billion and $104 billion of Cardmember receivables during
the six-month periods ended June 30, 2002 and 2001, respectively. At June 30,
2002 and December 31, 2001, Credco owned $16.4 billion and $19.1 billion,
respectively, of charge Cardmember receivables of which $2.2 billion and $3.8
billion, respectively, were participation interests owned by Credco Receivables
Corp. ("CRC"), a wholly-owned subsidiary of Credco. CRC owns a participation in
the seller's interest in charge Cardmember receivables that have been conveyed
to the American Express Master Trust (the "Trust").
In addition, at June 30, 2002 and December 31, 2001, Credco owned extended
payment plan receivables totaling $4.6 billion and $3.9 billion, respectively,
including revolving credit loans purchased directly from Centurion Bank. The
extended payment plan receivables owned at June 30, 2002 and December 31, 2001
include $194 million and $212 million, respectively, of participation interest
owned by CRC. This represents a participation interest in the seller's interest
in revolving credit receivables that have been conveyed to the American Express
Credit Account Master Trust (the "Master Trust"), formed in 1996 to securitize
revolving credit loans.
For the six-month periods ended June 30, 2002 and 2001, the average life of
Cardmember receivables owned by Credco was 42 days and 40 days, respectively.
Credco's write-offs, net of recoveries, as a percentage of the volume of
Cardmember receivables purchased for the six-month periods ended June 30, 2002
and 2001 was .51 percent and .36 percent, respectively.
Credco's decrease in revenues for the six-month period ended June 30, 2002 is
attributable to a decrease in the volume of receivables purchased as well as
lower discount and interest rates. Interest income and interest expense both
decreased for the six-month period ended June 30, 2002 primarily as a result of
lower interest rates. Provision for doubtful accounts increased slightly
compared with the prior year as an increase in the provision rates and volume of
recoveries was partially offset by a decrease in the volume of receivables
purchased.
-9-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
The following is an analysis of the increase (decrease) in key revenue and
expense accounts for the six-month period ended June 30, 2002, compared with the
six-month period ended June 30, 2001 (Millions):
Six-
Month
Period
----------
Revenue earned from purchased accounts receivable - changes attributable to:
Volume of receivables purchased (156)
Discount and interest rates (144)
----------
Total (300)
==========
Interest income from affiliates - changes attributable to:
Volume of average investments outstanding 7
Interest rates (34)
----------
Total (27)
==========
Interest income from investments - changes attributable to:
Volume of average investments outstanding 6
Interest rates (49)
----------
Total (43)
==========
Interest expense affiliates - changes attributable to:
Volume of average debt outstanding 28
Interest rates (84)
----------
Total (56)
==========
Interest expense other - changes attributable to:
Volume of average debt outstanding (94)
Interest rates (171)
----------
Total (265)
==========
Provision for doubtful accounts - changes attributable to:
Volume of receivables purchased (57)
Provision rates and volume of recoveries 66
----------
Total 9
==========
-10-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
The following is an analysis of Cardmember reserve for credit losses (Millions):
2002 2001
-------------- --------------
Balance, January 1 $847 $739
Provision for losses 542 503
Accounts written off (595) (461)
Other (66) 24
-------------- --------------
Balance, June 30 $728 $805
============== ==============
The following table shows the aging of Charge Card receivables:
June 30,
--------------------------------
2002 2001
-------------- --------------
Current 87.2% 83.9%
30 to 59 days 8.3 10.9
60 to 89 days 1.5 1.9
90 days and over 3.0 3.3
This report contains forward-looking statements, which are subject to risks and
uncertainties, including those identified below, which could cause actual
results to differ materially from such statements. The words "believe",
"expect", "anticipate", "optimistic", "intend", "evaluate", "plan", "aim",
"will", "should", "could" and similar expressions are intended to identify
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which they
are made. Credco undertakes no obligation to update or revise any
forward-looking statements. Factors that could cause actual results to differ
materially from Credco's forward-looking statements include, but are not limited
to:
o credit trends and the rate of bankruptcies, which can affect spending
on card products and debt payments by individual and corporate
customers;
o fluctuations in foreign currency exchange rates;
o negative changes in Credco's credit ratings, which could result in
decreased liquidity and higher borrowing costs; and
o the effect of fluctuating interest rates, which could affect Credco's
borrowing costs.
-11-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
12.1 Computation in support of ratio of earnings
to fixed charges of American Express Credit
Corporation.
12.2 Computation in support of ratio of earnings
to fixed charges of American Express
Company.
99.1 Certification of Walker C. Tompkins, Jr.
Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
99.2 Certification of Walter S. Berman Pursuant
to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K
Form 8-K dated April 23, 2002, Item 5, reporting the
renegotiation of committed credit line facilities by
Credco, American Express and Centurion Bank.
-12-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN EXPRESS CREDIT CORPORATION
(Registrant)
DATE: August 14, 2002 By /s/Walker C. Tompkins, Jr.
--------------------------
Walker C. Tompkins, Jr.
President and Chief Executive Officer
/s/Erich Komdat
--------------------------
Erich Komdat
Vice President and Chief Accounting
Officer
EXHIBIT INDEX
Pursuant to Item 601 of Regulation S-K
DESCRIPTION HOW FILED
----------- ---------
Exhibit 12.1 Computation in Support of Ratio of Electronically filed herewith.
Earnings to Fixed Charges of American
Express Credit Corporation.
Exhibit 12.2 Computation in Support of Ratio of Electronically filed herewith.
Earnings to Fixed Charges of American Express
Company.
Exhibit 99.1 Certification of Walker C. Tompkins, Jr. Pursuant Electronically filed herewith.
to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 99.2 Certification of Walter S. Berman Pursuant to 18 Electronically filed herewith.
U.S.C. Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
-13-