S&P Global Ratings assigned its credit ratings to FCT LCL Personal Loans 2025's class A, B-Dfrd, and C-Dfrd floating-rate notes. At closing, the issuer also issued unrated asset-backed fixed-rate class D-Dfrd notes. At closing, FCT LCL Personal Loans 2025 purchased a portfolio of French personal loan receivables originated by Le Crédit Lyonnais (LCL). LCL (A+/Stable/A-1) is a major French bank fully owned by the Crédit Agricole Group which originates personal loans to prime clients within its network. The transaction has a three-year revolving period, subject to early amortization if certain events occur. The issuer uses collections to purchase additional assets during the revolving period. A balance guaranteed swap is in place to mitigate interest rate risk on the class A,