OTHER NEWS - March 24, 1993
From Times Staff and Wire Reports
S&P; Cuts American Express Debt Ratings: Standard & Poor’s Corp., said it downgraded American Express Co.’s preferred stock to single-A from A-plus. The major Wall Street ratings agency cited lower profitability at American Express’ core Travel Related Services business and continuing, albeit slower, card-member attrition. Increasing competition is expected to continue to affect Travel Related Services’ net earnings, the agency said. American Express’ famous green and gold cards have faced inroads from Visa and Mastercards.
