Standard & Poor's lowered its credit rating on American Express (NYSE:AXP) from A/A-1 to BBB+/A-2, citing liquidity concerns. Standard & Poor's also lowered the credit card company's preferred stock rating to BB from BBB with an outlook of negative. John Bartko, an S&P credit analyst offered the following statement, "The ratings action is based on our view that funding and liquidity will remain concerns in the long term in the context of a business strategy that we believe will remain largely wholesale funded."

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