New Issue: Trafigura Securitisation Finance PLC (Series 2024-1)

S&P Global Ratings has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) trade receivables-backed series 2024-1 medium-term notes (MTN). At closing, TSF issued class A1 and A2 MTNs (together, the series 2024-1 class A MTNs) and class B MTNs. This is TSF's seventh MTN issuance that we have rated. For series 2024-1, both floating-rate class A1 and fixed-rate class A2 and B notes were issued. The series 2024-1 transaction is scheduled to revolve for three years, until the earlier of the end of revolving period or the occurrence of a stop purchase event. 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

...S&P Global Ratings has assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) trade receivables-backed series 2024-1 medium-term notes (MTN). At closing, TSF issued class A1 and A2 MTNs (together, the series 2024-1 class A MTNs) and class B MTNs. This is TSF's seventh MTN issuance that we have rated. For series 2024-1, both floating-rate class A1 and fixed-rate class A2 and B notes were issued. The series 2024-1 transaction is scheduled to revolve for three years, until the earlier of the end of revolving period or the occurrence of a stop purchase event. 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 the series 2024-1 class A MTNs) is in the form of subordination of the junior notes (including the series 2024-1 class B MTNs) and the senior and junior subordinated loans. The program is also subject to maximum country and...

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