Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
Creditreform Rating confirmed the follow up ratings for the issues of senior and mezzanine obligations of TRFI Funding B.V. (Netherlands). The issue proceeds are used to fund a portfolio of trade receivables of Dutch SMEs. The senior notes were assigned BBB sf with stable outlook whereas the mezzanine notes were assigned B sf with negative outlook.
The primary key rating drivers were the development of the purchased portfolio in terms of purchase price discounts, granularity and credit quality of sellers/debtors, program usage, terms of receivables, development of defaults, dilutions and comminglings. However, a shrinking margins trend might constitute new challenges in the future.
The ratings apply to the following series:
Series Class Rating:
Senior Loan Facility Senior BBB sf / outlook stable
Bond Series 28 Senior BBB sf / outlook stable
Bond Series 30 Mezzanine B sf / outlook negative
Bond Series 32 Mezzanine B sf / outlook negative
Bond Series 34 Mezzanine B sf / outlook negative
Bond Series 40 Mezzanine B sf / outlook negative