DBRS Discontinues Ratings on Loans and Notes Issued by TCP CLO III, LLC

DBRS, Inc. (DBRS) discontinued the ratings on the Class A-R Loans, the Class A-T Loans, the Class B Loans, the Class B Notes, the Class C Loans, the Class C Notes, the Class D Loans, the Class D Notes and the Combination Notes (collectively, the Loans and Notes) issued by TCP CLO III, LLC.

The discontinuations reflect repayment in full of the Loans and Notes.

The ratings on the Loans were assigned pursuant to the Credit Agreement dated as of August 9, 2016, among TCP CLO III, LLC as Borrower; Natixis, New York Branch as Administrative Agent; U.S. Bank National Association (rated AA (high) with a Stable trend by DBRS) as Collateral Agent, Collateral Administrator, Information Agent and Custodian; and the Lenders party thereto. The ratings on the Notes were assigned pursuant to the Note Purchase Agreement dated as of at August 9, 2016, among TCP CLO III, LLC as Issuer; U.S. Bank National Association as Collateral Agent and Note Agent; and the Purchasers party thereto.

The ratings on the Class A-R Loans and Class A-T Loans addressed the timely payment of interest (excluding any Capped Amounts, as defined in the Credit Agreement referred to above) and the ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement referred to above). The ratings on the Class B Loans and Class B Notes, the Class C Loans and Class C Notes and the Class D Loans and Class D Notes addressed the ultimate payment of interest (excluding the additional 2% of interest payable at the Post-Default Rate, as defined in the Credit Agreement referred to above) and the ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement referred to above). The rating on the Combination Notes addressed the ultimate repayment of the Combination Note Rated Principal Balance (as defined in the Note Purchase Agreement referred to above) on or before the Stated Maturity.

The Loans and Notes issued by TCP CLO III, LLC were collateralized primarily by a portfolio of U.S. middle-market corporate loans. TCP CLO III, LLC was managed by SVOF/MM, LLC Series I, a subsidiary of Tennenbaum Capital Partners, LLC.

To assess portfolio credit quality, DBRS provided either a credit estimate or an internal assessment for each non-financial corporate obligor in the portfolio not rated by DBRS. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that is used in assigning ratings to facilities.

Notes:
The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.