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American Express debt protection costs rise

NEW YORK
Mon Jul 21, 2008 5:27pm EDT

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NEW YORK (Reuters) - The cost to insure the debt of American Express Co (AXP.N) rose after the credit card issuer and processing network said its profit fell 38 percent as it set aside more money to cover credit losses.

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Credit default swaps on American Express widened 10 basis points to 200 basis points, or $200,000 per year for five years to insure $10 million in debt, according to Phoenix Partners Group.

(Reporting by Karen Brettell; Editing by Diane Craft)
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