Standard&Poor's Ratings Services has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) $430 million asset-backed floating-rate series 2012-1 notes. The ratings reflect the credit quality of the underlying receivables and the credit support that dynamically adjust weekly to provide coverage for a stressed level of historical portfolio losses, dilutions, and carrying costs. The assigning of ratings on the 2012 medium-term notes (MTNs) does not affect the outstanding 'AAA (sf)' and 'BBB (sf)' ratings on the existing 2007 MTNs and variable-funding notes (VFNs). The ratings reflect our assessment of the following factors. Our forecast for the global economy is that of a recovery, with growth driven by Asia and the U.S., which together account for one third
