OVERVIEW We have assigned our 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. We have also affirmed our 'AAA (sf)' rating on series 2015-1's class A2015-1 notes and have withdrawn our 'AAA (sf)' rating on series 2014-1's class A2014-1 notes.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. MILAN (S&P Global Ratings) May 25, 2016--S&P Global Ratings today assigned its 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2016-1's class A2016-1 notes. At closing, the issuer also issued unrated class B2016-1 and S notes. At the same time, we have affirmed our 'AAA (sf)' rating on series
