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