OVERVIEW We have assigned preliminary ratings to Trafigura Securitisation Finance's series 2018-1 medium-term notes. The transaction securitizes a pool of trade receivables originated by Trafigura PTE and Trafigura Trading. This will be Trafigura's fifth trade-receivables-backed medium-term note issuance. LONDON (S&P Global Ratings) Sept. 10, 2018--S&P Global Ratings today assigned its preliminary credit ratings to Trafigura Securitisation Finance PLC's (TSF's) trade receivables-backed series 2018-1 medium-term notes (see list below). There were no material changes since the issuance of Series 2017-1. The only change is limited to the permitted documentation modification related to: (i) LIBOR and the base rate modification, and (ii) securitisation regulation becoming effective January 2019. RATING RATIONALE The preliminary ratings reflect our assessment of the following factors. Economic Conditions
