New Issue: MASTER CREDIT CARDS PASS COMPARTMENT FRANCE (Series 2017-1)

S&P Global Ratings has assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2017-1's class A2017-1 notes. At closing, the issuer also issued unrated class B2017-1 notes and class S notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2017-1 is the fifth 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 S.A. 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

...S&P Global Ratings has assigned its '### (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2017-1's class A2017-1 notes. At closing, the issuer also issued unrated class B2017-1 notes and class S notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2017-1 is the fifth 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 S.A. 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 fifth credit card receivables securitization and its seventh consumer securitization. The French credit card market is less developed, in our view, than the U.K. market, and has seen relatively...

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