KBRA rates Tortoise notes AAA

KBRA said rated Tortoise Pipeline & Energy Fund Inc.’s senior notes AAA and its mandatory redeemable preferred shares A+.

“The rating is driven primarily by TTP’s asset coverage, liquidity, and management experience. Since inception through November 2022, the fund has average senior and total asset coverage of 533% and 408%. Excluding one breach of asset coverage levels in March 2020 as a result of the market volatility experienced during the height of the Covid-19 pandemic and decline in crude oil prices, TTP has remained in compliance with the 1940 Act requirements,” KBRA said in a press release.

The outlook is stable.

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