We assigned our preliminary 'AAA (sf)' rating to Master Credit Cards Pass Compartment France's series 2025-1 class A2025-1 notes. The securitized portfolio will comprise drawings from private individuals under a revolving credit agreement that Carrefour Banque S.A. originated in France. MILAN (S&P Global Ratings) March 26, 2025--S&P Global Ratings today assigned its preliminary 'AAA (sf)' credit rating to Master Credit Cards Pass Compartment France's series 2025-1 class A2025-1 notes. At closing, the issuer will issue unrated class B2025-1 and S notes (see list). 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 issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de
