商品敘述：

American Express (TRS) Co. is considering a proposal to securitize a portion of their consumer charge-card receivables portfolio. In the past, they have relied exclusively on a captive finance subsidiary, Credco, to perform this function. The proposed securitization structure has been put forth by Lehman Brothers and relies heavily on the existing structure of credit-card receivables'' securitizations. The growing asset-backed securities market presents TRS an opportunity to diversify its sources of funds--however, there are reasons to be cautious. Due to recent downgrades of American Express and Credco debt, the perceived financial weakness of credit-card receivable backed securities issuers, and the proposal''s sophisticated securitization structure, TRS is concerned that 1) The market may perceive securitization as a sign of weakness; 2) The securitization may not be cost effective. Therefore, TRS has to decide whether or not to proceed with securitization at this time.

涵蓋領域：

Financial strategy;Financing;Legal liability;Consumer credit;Organizational restructuring;Balance sheets

相關資料：

Case Teaching Note, (5-295-158), 9p, by Andre F. Perold, Wai Lee;
Spreadsheet Supplement, (XLS741), 0p, by Andre F. Perold, Kuljot Singh

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