Ratings Affirmed On Trafigura Securitisation Finance's Trade Receivables ABS Notes For Counterparty Reasons

OVERVIEW On Aug. 18, 2015, we placed on CreditWatch negative our 'AAA (sf)' rating on Trafigura Securitisation Finance series 2014-1's class A medium-term notes following our June 9, 2015 downgrade of the dependent collection bank account provider, Deutsche Bank, London branch. The issuer has now replaced the collection bank account provider with Rabobank Nederland, London branch. We have consequently affirmed and removed from CreditWatch negative our rating on the series 2014-1 class A medium-term notes. At the same time, we have affirmed our ratings on all other classes of outstanding notes in the Trafigura Securitisation Finance trade receivables trust. Trafigura Securitisation Finance is a multi-jurisdiction ABS transaction, backed by commodity trade receivables originated by Trafigura Pte and Trafigura Trading. PARIS

...OVERVIEW + On Aug. 18, 2015, we placed on CreditWatch negative our '### (sf)' rating on Trafigura Securitisation Finance series 2014-1's class A medium-term notes following our June 9, 2015 downgrade of the dependent collection bank account provider, Deutsche Bank, London branch. + The issuer has now replaced the collection bank account provider with Rabobank Nederland, London branch. + We have consequently affirmed and removed from CreditWatch negative our rating on the series 2014-1 class A medium-term notes. + At the same time, we have affirmed our ratings on all other classes of outstanding notes in the Trafigura Securitisation Finance trade receivables trust. + Trafigura Securitisation Finance is a multi-jurisdiction ABS transaction, backed by commodity trade receivables originated by Trafigura Pte and Trafigura Trading. PARIS (Standard & Poor's) Sept. 30, 2015--Standard & Poor's Ratings Services today affirmed and removed from CreditWatch negative its '### (sf)' credit rating on Trafigura...

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