Rating Affirmed In Credit Card ABS Transaction MASTER CREDIT CARDS PASS COMPARTMENT FRANCE Series 2016-1

OVERVIEW On June 26, 2017, we assigned a rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2017-1's class A2017-1 notes. As part of our analysis when assigning that rating, we reviewed our credit assumptions for the credit card pool that collateralizes all of the issuer's outstanding issuances. As a result of this review, we have affirmed our 'AAA (sf)' rating on 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. LONDON (S&P Global Ratings) Sept. 4, 2017--S&P Global Ratings today affirmed its 'AAA (sf)' credit rating on MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes.

...9.00%, reduced our base-case yield assumption to 13.75% from 14.50%, and increased our '###' stressed purchase rate assumption to 1.00% from 0.50%. Our analysis indicates that the available credit enhancement for the class A2016-1 notes is sufficient to withstand the credit and cash flow stresses that we apply in a '###' scenario. Our structured finance ratings above the sovereign criteria do not constrain the rating on the notes (see "Ratings Above The Sovereign - Structured Finance: Methodology And Assumptions," published on Aug. 8, 2016). Operational, counterparty, legal, payment structure, and cash flow risks continue to be adequately mitigated, in our view, and do not constrain our rating on the notes. We have therefore affirmed our '### (sf)' rating on the class A2016-1 notes. 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...

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