S&P Global Ratings assigned preliminary long and short-term 'A- (sf)/A-1 (sf)' credit ratings to the €170 million asset-backed notes ("pagarés") to be issued on an ongoing basis by CESCE Fondo Anticipo de Facturas, Fondo de Titulizacion, a Spanish asset-backed securities (ABS) trade receivables program. The seller in the transaction is SUMMA FAF, which purchases the securitized receivables from multiple entities operating in different sectors and markets. The securitized assets are trade receivables, comprising credit rights generated between the clients and their debtors. These assets will be transferred to CESCE Fondo Anticipo de Facturas from the seller, SUMMA FAF, at a discount and funded by the issuance of Spanish euro-denominated notes.