Fitch rates Kayne notes AAA

Fitch Ratings said it assigned an AAA rating to $230 million of senior notes issued by Kayne Anderson MLP Investment Co., a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirmed AAA ratings assigned to $620 million of senior notes issued by the fund.

The ratings are based on sufficient asset coverage provided by the fund's portfolio relative to Fitch's published criteria, mandatory de-leveraging provisions, the legal and regulatory parameters that govern the fund's operations and the capabilities of KA Fund Advisors as investment advisor, the agency said.

The fund expects to use the net proceeds from the sale of the newly issued notes to repay borrowings under the fund's revolving credit facility, to refinance $75 million of series G senior notes due June 16, to make new portfolio investments and for general corporate purposes.

The new notes include $60 million of series U three-month LIBOR plus145 basis points senior floating-rate notes due May 2016, $70 million of 3.71% series V senior notes due May 2016 and $100 million of 4.38% series W senior notes due May 2018.

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