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Fitch rates Kayne Anderson Energy MRPS AA
Fitch Ratings said it assigned an AA rating to Kayne Anderson Energy Development Co.’s $25 million of series A 3.37% mandatory redeemable preferred shares (MRPS) due April 10, 2020.
Fitch said the rating assignment reflects: sufficient pro forma asset coverage provided to debt and MRPS as calculated per the fund's asset coverage tests; the structural protections afforded by mandatory collateral maintenance and 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.
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