New Issue: MASTER CREDIT CARDS PASS COMPARTMENT FRANCE SERIES 2015-1

Standard&Poor's Ratings Services has assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2015-1's class A2015-1 notes. At closing, the issuer also issued unrated class B2015-1 notes and class S notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2015-1 is the third 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

...Standard & Poor's Ratings Services has assigned its '### (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2015-1's class A2015-1 notes. At closing, the issuer also issued unrated class B2015-1 notes and class S notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2015-1 is the third 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 third credit card receivables securitization and its fifth consumer securitization. The French credit card market is less developed, in our view, than the U.K. market, and has...

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