American Express Credit 10-K2008 FY Annual report

Filed: 30 Mar 09, 12:00am

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Removed: addressed, alternative, breach, commodity, complexity, congressional, continually, deal, diversify, driven, evolving, exact, expose, favorable, fluctuation, goal, hand, implement, implementation, implemented, insignificant, institution, Intercept, issuing, legislative, longest, match, matured, moderately, Obstruct, option, organizational, pattern, people, personal, privacy, publicly, quickly, ratably, reconciliation, representing, response, seasonal, seasonality, securitize, securitized, simulated, terrorism, uncertain, uncommitted, uninterrupted, Uniting, USA, variability, varying, worst

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EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)


	Years Ended December 31,

	2008		2007		2006		2005		2004

Earnings:
Net income	$	745	$	720	$	622	$	415	$	234
Income tax provision		68		57		95		50		75
Interest expense		1,618		2,046		1,614		1,141		863

Total earnings (a)	$	2,431	$	2,823	$	2,331	$	1,606	$	1,172



Fixed charges - interest expense (b)	$	1,618	$	2,046	$	1,614	$	1,141	$	863


Ratio of earnings to fixed charges (a/b)		1.50		1.38		1.44		1.41		1.36

Interest expense does not include interest on liabilities recorded under Financial Accounting Standards Board (FASB) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48). Credco’s policy is to classify such interest in the income tax provision in the Consolidated Statements of Income.

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