Morningstar DBRS Confirms AAA (sf) Credit Rating on Master Credit Cards PASS Compartment France Class A2025-1 Notes

DBRS Ratings GmbH (Morningstar DBRS) confirmed the AAA (sf) credit rating on the Class A2025-1 Notes issued by Master Credit Cards PASS Compartment France (the Issuer).

Morningstar DBRS does not rate the Class B2025-1 Notes (along with the Class A2025-1 Notes, the Notes) also issued in the transaction.

CREDIT RATING RATIONALE
Morningstar DBRS based the credit rating action on a review of the following analytical considerations:
-- The transaction's structure, including the form and sufficiency of available credit enhancement to withstand stressed cashflow assumptions and repay the Issuer's financial obligations according to the terms of the Class A2025-1 Notes.
-- The credit quality of the Carrefour Banque (the seller)'s portfolio, the characteristics of the collateral, its historical performance and Morningstar DBRS' expectation of monthly principal payment rates (MPPRs), yield and charge-off rates under various stress scenarios.
-- Seller's capabilities with respect to origination, underwriting, servicing and its position in the market and financial strength.
-- The transaction parties' financial strength regarding their respective roles.
-- Morningstar DBRS' long-term sovereign credit rating of France, currently AA (high) with a Stable trend.
-- The consistency of the transaction's legal structure with Morningstar DBRS' Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions methodology.

TRANSACTION STRUCTURE
The Notes were initially issued in April 2025 and are backed by a portfolio of receivables arising from credit cards granted to individuals domiciled in France and originated and serviced by the seller. The transaction is currently within the revolving period scheduled to end in April 2028.

During the revolving period, the seller may continue to offer additional receivables that the Issuer will purchase, provided that the receivables eligibility criteria and portfolio criteria set out in the transaction documents are satisfied. The revolving period may end earlier than scheduled if certain events occur, such as the breach of performance triggers, insolvency of the seller or replacement of the servicer. At the end of the transaction revolving period, the Notes will be repaid on a fully sequential basis.

The transaction allocates payments in separate interest and principal priorities of payments and the Class A2025-1 Notes continue to benefit from a general reserve of EUR 3.6 million, which is equal to 1.2% of all the outstanding Class A notes of the Issuer. The general reserve is available to cover shortfalls in senior expenses, senior swap costs and interest payments on all the outstanding Class A notes. Principal collections can be used to cover remaining shortfalls after the general reserve. Principal deficiencies would be cured before excess spread is released out of the structure in the interest waterfall.

The interest rate risk for the transaction is largely mitigated by an interest rate swap where the Issuer pays a fixed rate in return for one-month Euribor plus Class A2025-1 Notes margins based on a notional amount equal to the lower of the principal outstanding balance of the Class A2025-1 Notes and the non-defaulted receivables.

COUNTERPARTIES
BNP Paribas remains as the account bank for the Issuer. Based on Morningstar DBRS' Long-Term Issuer Rating of BNP Paribas of AA (low), the downgrade provisions outlined in the transaction documents and other mitigating factors in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be commensurate with the credit rating assigned.

BRED Banque Populaire remains as the specially dedicated account bank with its subsidiary EPBF S.A. as the DD account bank receiving the direct debit payments of collections. Both entities are subject to the same downgrade provisions in the transaction documents with a first demand guarantee on EPBF S.A. from BRED Banque Populaire in favour of the Issuer. Morningstar DBRS privately rates BRED Banque Populaire, the guarantor of EPBF S.A. and considers the arrangement to be consistent with Morningstar DBRS' criteria to act as a specially dedicated account bank. In addition, both entities belong to one of the largest French banking groups, Groupe BPCE, for which Morningstar DBRS also has private ratings.

Société Générale, S.A., Crédit Agricole Corporate and Investment Bank (CA-CIB) and Natixis S.A. remain the swap counterparties for the transaction. Morningstar DBRS has a Long-Term Issuer Rating of A (high) on Société Générale, S.A. and private credit ratings on CA-CIB and Natixis S.A., all of which meet the criteria to act in such capacity. The downgrade provisions in the swap documentation are largely consistent with Morningstar DBRS' criteria and the transaction continues to be monitored based on Morningstar DBRS' credit ratings or their replacement(s).

PORTFOLIO ASSUMPTIONS
As of the March 2026 payment date, the Issuer reported an MPPR of 4.7%, yield of 15.3% excluding recoveries, charge-off rate of 2.8%. Based on the trends of historical performance and the data provided as of the transaction closing in April 2025, Morningstar DBRS maintained the expected MPPR, yield, charge-off rate and static recovery rate at 3.75%, 14%, 7.75% and 35.5%, respectively.

FINANCIAL OBLIGATIONS
Morningstar DBRS credit rating on the Class A2025-1 Notes addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' credit rating on the Class A2025-1 Notes also addresses the credit risk associated with the increased rate of interest applicable to the Class A2025-1 Notes if the Class A2025-1 Notes are not redeemed on the Optional Redemption Date as defined in and in accordance with the applicable transaction documents.

Morningstar DBRS' credit rating does not address non-payment risk associated with contractual payment obligations contemplated in the applicable transaction documents that are not financial obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings at https://dbrs.morningstar.com/research/454196.

Morningstar DBRS analysed the transaction structure in Intex Dealmaker.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the credit rating is "Rating European and Asia-Pacific Consumer and Commercial Asset-Backed Securitisations", https://dbrs.morningstar.com/research/476299.

Other methodologies referenced in this transaction are listed at the end of this press release.

Morningstar DBRS has applied the principal methodology consistently and conducted a review of the transaction in accordance with the principal methodology.

An asset and a cash flow analysis were both conducted.

A review of the transaction legal documents was not conducted as the legal documents have remained unchanged since the most recent credit rating actions.

For a more detailed discussion of the sovereign risk impact on Structured Finance credit ratings, please refer to "Appendix C: The Impact of Sovereign Ratings on Other DBRS Morningstar Credit Ratings" of the "Global Methodology for Rating Sovereign Governments" at https://dbrs.morningstar.com/research/457952.

The sources of data and information used for this credit rating include investor reports from October 2019 to March 2026 as well as monthly historical dynamic data for the entire managed portfolio including originations, receivables balances, payment rates, yield, purchase rates, delinquencies and charge-offs from January 2005 to December 2024 and monthly static cumulative recovery data for accelerated and over-indebtedness contracts from January 2019 to October 2024 and from January 2017 to October 2024, respectively.

Morningstar DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial credit rating, Morningstar DBRS was supplied with third-party assessments at the transaction closing. However, this did not impact the credit rating analysis.

Morningstar DBRS considers the data and information available to it for the purposes of providing this credit rating to be of satisfactory quality.

Morningstar DBRS does not audit or independently verify the data or information it receives in connection with the credit rating process.

Morningstar DBRS expects Structured Finance issuers and originators of Structured Finance products to make all relevant information regarding these products available to investors to conduct their own analyses.

The last credit rating action on this transaction took place on 25 April 2025, when Morningstar DBRS finalised the provisional AAA (sf) credit rating on the Class A2025-1 Notes and discontinued the credit rating on Class A2022-1 Notes.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com.

Sensitivity Analysis: To assess the impact of changing the transaction parameters on the credit rating, Morningstar DBRS considered the following stress scenarios, as compared to the parameters used to determine the credit rating:

-- Expected Yield: 14.0%
-- Expected MPPR: 3.75%
-- Expected Charge-Off Rate: 7.75%

-- Scenario 1: 25% decrease in expected yield
-- Scenario 2: 25% decrease in expected MPPR
-- Scenario 3: 25% increase in expected charge-off rate
-- Scenario 4: 15% decrease in expected MPPR, 15% decrease in expected yield, 15% increase in expected charge-off rate

Morningstar DBRS concludes that the expected credit ratings of the Class A2025-1 Notes under all the four stress scenarios are AA (high) (sf), AA (high) (sf), AA (high) (sf), AA (sf), respectively.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

This credit rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Jose Escandell, Assistant Vice President
Rating Committee Chair: Paolo Conti, Associate Managing Director
Initial Rating Date: 25 April 2025

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The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Rating European and Asia-Pacific Consumer and Commercial Asset-Backed Securitisations (16 March 2026), https://dbrs.morningstar.com/research/476299.
-- Rating European and Asia-Pacific Structured Finance Transactions (21 November 2025), https://dbrs.morningstar.com/research/467878.
-- Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions (10 November 2025), https://dbrs.morningstar.com/research/466839.
-- Interest Rate and Currency Stresses for Global Structured Finance Transactions (26 January 2026), https://dbrs.morningstar.com/research/472333.
-- Operational Risk Assessment for European and Asia-Pacific Structured Finance Originators and Servicers (10 March 2026), https://dbrs.morningstar.com/research/476050.
-- Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (16 May 2025), https://dbrs.morningstar.com/research/454196.
-- Master European and Asia-Pacific Structured Finance Surveillance Methodology (10 March 2026), https://dbrs.morningstar.com/research/476049.

A description of how Morningstar DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at https://dbrs.morningstar.com/research/439604.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at
at [email protected].