New Issue: Trafigura Securitisation Finance PLC (Series 2017-1)

S&P Global Ratings has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) trade receivables-backed series 2017-1 medium-term notes (MTN). At closing, TSF issued class A1 and A2 MTNs (together, the series 2017-1 class A MTN) and class B MTN. This is TSF's fourth MTN issuance that we have rated. For series 2017-1, both floating-rate class A1 and B notes and fixed-rate class A2 notes were issued. In prior MTN issuances, only floating-rate notes have been issued. The series 2017-1 transaction is scheduled to revolve for three years, and like the other notes issued by TSF, uses dynamic credit enhancement (default, yield, and dilution reserves) that is calculated in line with our trade receivables criteria (see "Trade Receivables Criteria:

...S&P Global Ratings has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) trade receivables-backed series 2017-1 medium-term notes (MTN). At closing, TSF issued class A1 and A2 MTNs (together, the series 2017-1 class A MTN) and class B MTN. This is TSF's fourth MTN issuance that we have rated. For series 2017-1, both floating-rate class A1 and B notes and fixed-rate class A2 notes were issued. In prior MTN issuances, only floating-rate notes have been issued. The series 2017-1 transaction is scheduled to revolve for three years, and like the other notes issued by TSF, uses dynamic credit enhancement (default, yield, and dilution reserves) that is calculated in line with our trade receivables criteria (see "Trade Receivables Criteria: Calculating Credit Enhancement For Trade Receivables," published on Sept. 1, 2004). This means that credit enhancement levels adjust dynamically to reflect the portfolio's credit quality over time. The securitization program operates...

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