...OVERVIEW + We have assigned ratings to Trafigura Securitisation Finance's series 2018-1 medium-term notes. + At the same time, we have affirmed our ratings on all outstanding classes of notes. + The transaction securitizes a pool of trade receivables originated by Trafigura PTE and Trafigura Trading. + This is Trafigura's fifth trade-receivables-backed medium-term note issuance. LONDON (S&P Global Ratings) Sept. 26, 2018--S&P Global Ratings today assigned its credit ratings to Trafigura Securitisation Finance PLC's (TSF's) trade receivables-backed series 2018-1 medium-term notes. At the same time, we have affirmed our ratings on all outstanding classes of notes issued by TSF (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) securitization regulation becoming effective in January 2019....
