ARC Ratings, S.A. (ARC Ratings) has accorded a final, long-term public rating of ‘A(sf)’ to the senior tranche to be issued, and a final long-term public rating of ‘BBB-(sf)’ to the mezzanine tranche to be issued by TCF Loan Warehouse 3 Designated Activity Company in both its proposed capital structures, Limited, both with Stable outlooks. The methodology used is ARC’s Global Structured Finance Rating Criteria (published September 2016) and ARC’s Collateralised Loan Obligation (CLO) Rating Criteria (published February 2016). These methodologies are available from www.arcratings.com.