Press Release: Fitch Upgrades Swisscard's Long-Term IDR on SSR Upgrade

The following is a press release from Fitch Ratings Fitch Ratings-London-07 October 2026 Fitch Ratings has upgraded Swisscard AECS GmbH's Long-Term Issuer Default Rating (IDR) to 'A' from 'A-'. The Outlook is Stable. Fitch has also affirmed Swisscard's Short-Term IDR at 'F1'. A full list of ratings is below.

The rating action follows the upgrade of Swisscard's sole owner, American Express Company (Amex) to 'A+'/Stable from 'A'/Stable (see Fitch Affirms American Express Company Senior Debt at 'A', Upgrades IDR to 'A+'; Outlook Stable, published 1 October 2026). Swisscard's Long-Term IDR is driven by its Shareholder Support Rating (SSR), which is anchored to Amex's Viability Rating (VR). We have upgraded Swisscard's SSR to 'a' from 'a-'. Swisscard's Standalone Credit Profile (SCP) is not affected by the rating action.

Key Rating Drivers Support-Driven Ratings: Swisscard's Long-Term IDR reflects Fitch's expectation of very high probability of support from Amex. Swisscard's 'a' SSR, which underpins its Long-Term IDR, is anchored to, and notched down once from, Amex's 'a+' VR. The Stable Outlook on Swisscard mirrors that on Amex's Long-Term IDR. Strategic Significance for Amex: Swisscard's SSR reflects its 100% ownership by Amex and Fitch's assessment that Switzerland remains strategically important for the group.

This is supported by the growth prospects for Amex's premium product offering in the market and the importance of serving multinational clients based in Switzerland. Fitch also views any potential support as manageable relative to Amex's financial capacity, given Swisscard's modest size within the group. Swisscard's SSR is constrained by its only moderate operational and management integration with the parent, limited risk of reputational contagion for Amex, Swisscard's distinct branding, and Fitch's view that although strategically relevant, Switzerland is not a core market for the group.

Short-Term Rating: Swisscard's Short-Term IDR of 'F1' is in line with Amex's Short-Term IDR of 'F1'. This reflects Fitch's expectation of timely funding to Swisscard, supported by Amex's strong financial flexibility as the support provider. For full details of Swisscard's Key Rating Drivers, including its SCP, see "Fitch Affirms Swisscard's IDR at 'A-‌'‌; Outlook Stable" published 22 April 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Swisscard's Long- and Short-Term IDRs would be downgraded on a downgrade of its SSR.

A downgrade of Amex's VR, reflecting a weakening ability to provide support, would lead to a downgrade of Swisscard's SSR. Decreasing importance of the Swiss market for Amex, leading to a diminished relevance of Swisscard or a material reduction in Amex's equity in Swisscard underlining a lower propensity to provide support, would likely result in negative rating action on the SSR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Amex's VR would likely lead to an upgrade of Swisscard's SSR and Long-Term IDR.

A clear indication of increased strategic relevance of Swisscard to the Amex group, including greater operational integration and increased contribution to Amex's overall profitability, could lead to an equalization of Swisscard's SSR with Amex's VR and would lead to an upgrade of its Long-Term IDR. See "Fitch Affirms Swisscard's IDR at 'A-'; Outlook Stable", published 22 April 2026, for sensitivities related to Swisscard's SCP. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria.

Public Ratings with Credit Linkage to other ratings Swisscard's SSR is linked to Amex's VR. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision.

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