OVERVIEW We have assigned our preliminary 'AAA (sf)' rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE SERIES 2015-1's class A2015-1 notes. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. PARIS (Standard&Poor's) May 13, 2015--Standard&Poor's Ratings Services today assigned its preliminary 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE SERIES 2015-1's class A2015-1 notes. At closing, the issuer will also issue unrated class B2015-1 and S notes (see list below). The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2015-1 will be the third issuance from the FCT, since the issuance of series 2013-1 in November
