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Does securitizes of receivables increase CFO or CFF

Hi friends,

i like to check if securitizes of receivables means sale of receivables? If it is, does it :

a) increase CFO only as with a reduction in account receivables, it will add the reduced amount into CFO or

b) it increase the CFF because securitizes of receivables is treated as borrowings and increase CFO as with a reduction in account receivables, it will add the reduced amount into CFO


thanks

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