OVERVIEW We have observed minimal defaults, delinquencies, and dilutions in the underlying receivables. We have therefore affirmed the ratings on both the variable-funding and medium-term notes issued under the Trafigura Securitisation Finance program. Credit enhancement for these notes is in the form of dynamic reserving, in line with our trade receivables criteria. LONDON (Standard&Poor's) Nov. 18, 2010--Standard&Poor's Ratings Services today affirmed its credit ratings on Trafigura Securitisation Finance PLC's senior and junior variable-rate commercial paper (CP) funding notes, and classes A and B of its floating-rate asset-backed notes series 2007-1 (see list below). The rating affirmations reflect stable performance of the underlying receivables. Losses, delinquencies, and dilutions have all been minimal, which in our opinion is
