OVERVIEW We have assigned ratings to Trafigura Securitisation Finance's series 2014-1 medium-term notes. The transaction securitizes a pool of trade receivables originated by Trafigura Beheer B.V., Trafigura Pte. Ltd., and Trafigura AG. This is Trafigura's third trade-receivables-backed medium-term note issuance. These ratings do not affect our outstanding ratings on Trafigura's existing notes. MILAN (Standard&Poor's) Oct. 30, 2014--Standard&Poor's Ratings Services today assigned credit ratings to Trafigura Securitisation Finance PLC's (TSF) series 2014-1 notes (see list below). The assigning of these ratings to the series 2014-1 medium-term notes (MTNs) does not affect our outstanding 'AAA (sf)' and 'BBB (sf)' ratings on the existing series 2012-1 MTNs and variable-funding notes (VFNs). RATING RATIONALE The ratings reflect our assessment of
