OVERVIEW We have reviewed MASTER CREDIT CARDS PASS COMPARTMENT FRANCE's series 2015-1 and 2016-1 by conducting our credit and cash flow analysis under our revised approach to rating the credit quality of European credit card ABS. Following our review, we have affirmed our 'AAA (sf)' ratings on the class A notes in both series. MASTER CREDIT CARDS PASS COMPARTMENT FRANCE securitizes a portfolio of draws made on revolving loans that Carrefour Banque originated and granted to French borrowers. PARIS (S&P Global Ratings) Dec. 21, 2016--S&P Global Ratings today affirmed its 'AAA (sf)' credit ratings on the class A2015-1 and A2016-1 notes in MASTER CREDIT CARDS PASS COMPARTMENT FRANCE's series 2015-1 and 2016-1, respectively. The notes are backed by a portfolio
