Fitch rates Kayne Anderson notes AAA

Fitch Ratings said it assigned AAA ratings to Kayne Anderson MLP Investment Co.'s $15 million of series Q unsecured senior notes due Nov. 9, 2015, $25 million of series R unsecured senior notes due Nov. 9, 2017, $60 million of series S unsecured senior notes due Nov. 9, 2020 and $40 million of series T unsecured senior notes due Nov. 9, 2022.

The agency said it also assigned AA ratings to its $8 million series B mandatory redeemable preferred stock due Nov. 9, 2017 and $42 million series C mandatory redeemable preferred stock due Nov. 9, 2020.

The ratings are based on sufficient asset coverage provided to the senior notes and preferred stock by the fund's portfolio, structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines, the legal and regulatory parameters that govern the fund's operations and the capabilities of KA Fund Advisors, LLC as investment advisor, Fitch said.

The proceeds will be used to repay certain current borrowings, to make new portfolio investments and for general corporate purposes, the agency said.

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