S&P Global Ratings has assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCEseries 2016-1's class A2016-1 notes. At closing, the issuer also issued unrated class B2016-1 notes and class S notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2016-1 is the fourth issuance from the FCT, since the issuance of series 2013-1 in November 2013. 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 Carrefour S.A., Europe's largest retailer. Carrefour (60%) and BNP Paribas Personal Finance (40%) jointly own Carrefour Banque. This is Carrefour Banque's
