OVERVIEW We have assigned our credit ratings to Trafigura Securitisation Finance's series 2012-1 medium-term notes. The transaction securitizes a pool of trade receivables originated by Trafigura Beheer B.V., Trafigura Pte. (Singapore), and Trafigura AG. This is Trafigura's second trade-receivables-backed medium-term note issuance. These ratings do not affect our outstanding ratings on Trafigura's existing notes. LONDON (Standard&Poor's) May 11, 2012--Standard&Poor's Ratings Services today assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF) $430 million asset-backed floating-rate series 2012-1 notes (see list below). The assigning of these ratings on the 2012 medium-term notes (MTNs) does not affect our outstanding 'AAA (sf)' and 'BBB (sf)' ratings on the existing 2007 MTNs and variable-funding notes (VFNs). RATING RATIONALE The
