Master Credit Cards Pass Compartment France Series 2022-1 Class A2022-1 Notes Affirmed

We reviewed Master Credit Cards Pass Compartment France performance by conducting our full analysis of the transaction's underlying assets and structural features. Following our review, we affirmed our 'AAA (sf)' rating on the series 2022-1 class A2022-1 notes. Series 2022-1 is the seventh issuance from the FCT, since the inaugural issuance of series 2013-1 in November 2013. PARIS (S&P Global Ratings) June 9, 2023--S&P Global Ratings today affirmed its 'AAA (sf)' credit rating on Master Credit Cards Pass Compartment France's series 2022-1 class A2022-1 notes. Master Credit Cards Pass Compartment France is a socialized master trust that issues notes in separate series, commonly referred to as a linked structure. The securitized portfolio comprises drawings from private individuals under a revolving

...- We reviewed Master Credit Cards Pass Compartment France performance by conducting our full analysis of the transaction's underlying assets and structural features. - Following our review, we affirmed our '### (sf)' rating on the series 2022-1 class A2022-1 notes. - Series 2022-1 is the seventh issuance from the FCT, since the inaugural issuance of series 2013-1 in November 2013. PARIS (S&P Global Ratings) June 9, 2023--S&P Global Ratings today affirmed its '### (sf)' credit rating on Master Credit Cards Pass Compartment France's series 2022-1 class A2022-1 notes. Master Credit Cards Pass Compartment France is a socialized master trust that issues notes in separate series, commonly referred to as a linked structure. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque S.A. originated in France. The notes of each series are collateralized by the same portfolio of receivables, irrespective of their issue and maturity...

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