Bulletin: Trafigura Securitisation Finance ABS Notes Not Directly Exposed To Fraud Discovery

PARIS (S&P Global Ratings) Feb. 23, 2023--S&P Global Ratings today said its rating on Trafigura Securitisation Finance's trade receivables-backed notes is unchanged following Trafigura's recent reporting of fraud. Trafigura Securitisation Finance was set up in 2004 and is a multi-jurisdiction asset-backed securities transaction backed by trade receivables from Trafigura's energy and commodity trading business. On Feb. 9, 2023, Trafigura reported via a public statement that it had discovered systematic fraud committed by a supplier concerning stock of containerized nickel. This fraud is isolated to one specific line of business separate from the trade receivables transaction we rate. Moreover, no companies described in Trafigura's statement are obligors under the trade receivables transaction and the type of assets related to the fraud

...PARIS (S&P Global Ratings) Feb. 23, 2023--S&P Global Ratings today said its rating on Trafigura Securitisation Finance's trade receivables-backed notes is unchanged following Trafigura's recent reporting of fraud. Trafigura Securitisation Finance was set up in 2004 and is a multi-jurisdiction asset-backed securities transaction backed by trade receivables from Trafigura's energy and commodity trading business. On Feb. 9, 2023, Trafigura reported via a public statement that it had discovered systematic fraud committed by a supplier concerning stock of containerized nickel. This fraud is isolated to one specific line of business separate from the trade receivables transaction we rate. Moreover, no companies described in Trafigura's statement are obligors under the trade receivables transaction and the type of assets related to the fraud do not meet the eligibility criteria of the transaction documentation. Therefore, Trafigura Securitisation Finance's rating is unchanged....

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