Standard&Poor's Ratings Services has assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE's €400 million asset-backed class A2013-1 notes. At the same time, the issuer also issued unrated class B2013-1 notes, unrated class S seller notes, and €300 unrated residual units. The issuer is a French securitization fund ("Fonds Commun de Titrisation" or FCT), which is bankruptcy-remote by law. The FCT established a new compartment, Compartment France (the issuer), which at closing issued rated senior notes (class A2013-1), unrated subordinated notes (class B2013-1), unrated seller notes (class S), and residual units, to fund the purchase of the receivables portfolio backing the notes. We have not rated the subordinated notes (class B2013-1), seller notes (class
