Standard&Poor's Ratings Services has assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCEseries 2014-1's class A2014-1 notes. At closing, the issuer also issued unrated class B2014-1 notes and class S notes. At the same time, we have affirmed our 'AAA (sf)' rating on Master Credit Cards Pass Compartment France series 2013-1's class A2013-1 notes. The issuer is a bankruptcy-remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2014-1 is the second issuance from the FCT, since the issuance of series 2013-1. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. Carrefour Banque is the captive consumer finance arm of the French retailer
