OVERVIEW We have assigned our preliminary 'AAA (sf)' rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE SERIES 2014-1's class A2014-1 notes. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. PARIS (Standard&Poor's) Oct. 2, 2014--Standard&Poor's Ratings Services has assigned its preliminary 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE SERIES 2014-1 's class A2014-1 notes. At closing, the issuer will also issue unrated class B2014-1 notes, class S notes, and residual units (see list below). The issuer is a bankruptcy-remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). SERIES 2014-1 will be the second issuance from the FCT, since the issuance of
