Preliminary Rating Assigned To MASTER CREDIT CARDS PASS COMPARTMENT FRANCE Series 2016-1's Class A2016-1 Notes

OVERVIEW We have assigned our preliminary 'AAA (sf)' rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. MILAN (S&P Global Ratings) May 3, 2016--S&P Global Ratings today assigned its preliminary 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. At closing, the issuer will also issue unrated class B2016-1 and S notes (see list below). The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2016-1 will be the fourth issuance from the FCT, since the issuance of series 2013-1 in November 2013. The

...OVERVIEW + We have assigned our preliminary '### (sf)' rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. + The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. MILAN (S&P Global Ratings) May 3, 2016--S&P Global Ratings today assigned its preliminary '### (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. At closing, the issuer will also issue unrated class B2016-1 and S notes (see list below). The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2016-1 will be 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...

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