...S&P Global Ratings has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) trade receivables-backed series 2021-1 medium-term notes (MTN). At closing, TSF issued class A1 and A2 MTNs (together, the series 2021-1 class A MTN) and class B MTNs. This is TSF's sixth MTN issuance that we have rated. For series 2021-1, both floating-rate class A1 notes and fixed-rate class A2 and B notes were issued. The series 2021-1 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 "Related Criteria"). This means that credit enhancement levels adjust dynamically to reflect the portfolio's credit quality over time. The securitization program operates akin to a master trust structure, whereby a common pool of trade receivables backs multiple note issuances. Credit enhancement for the senior notes (including...
