Fitch Expects to Rate Kayne Anderson MLP Investment Company's Sr Notes and MRPS 'AAA' & 'AA'

NEW YORK--(Business Wire)--
Fitch Ratings expects to rate the following securities to be issued by Kayne
Anderson MLP Investment Company (NYSE: KYN), a closed-end funds and a
non-diversified investment management company advised by KA Fund Advisors, LLC:

-- $65,000,000 of fixed-rate senior unsecured notes due in April 2015 'AAA';
-- $45,000,000 of floating-rate senior unsecured notes due in April 2015 'AAA';
-- $110,000,000 of mandatory redeemable preferred stock (MRPS) due in April 2017
'AA'.

Fitch expects to finalize the ratings on the senior notes and MRPS on the
closing date which is scheduled to occur on or about May 7, 2010. The expected
ratings are based on sufficient asset coverage to be provided to the senior
notes and MRPS by the fund's portfolio, structural protections to be 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. The fund expects to
use the net proceeds from the sale of the above mentioned securities to repay
certain current borrowings, to fully redeem currently outstanding auction-rate
preferred shares (ARPS), to make new portfolio investments and for general
corporate purposes. Redemption of the ARPS is expected to occur in late May and
is conditioned on closing of the MRPS offering.

At the time of the issuance, the fund's pro forma asset coverage ratio for
senior notes, as calculated in accordance with the Investment Company Act of
1940 (1940 Act), is expected to be in excess of 300%, which is the minimum asset
coverage required by the 1940 Act for such debt securities. The fund's pro forma
asset coverage ratio for MRPS, as calculated in accordance with the 1940 Act, is
expected to be in excess of 200%, which is the minimum asset coverage required
by the 1940 Act for senior equity securities. Also, at the time of issuance, the
fund's pro forma asset coverage ratios with respect to the senior notes and
MRPS, as calculated in accordance with the overcollateralization test as per
Fitch's rating criteria are expected to be in excess of 100%, which are the
minimum asset coverage levels deemed consistent with the expected ratings to be
assigned to the senior notes and MPRS.

Certain securities currently issued or to be issued by Kayne Anderson MLP
Investment Company contain early prepayment penalties, which may vary depending
on whether the prepayment is optional or mandatory. To the extent the fund is
contractually obligated to pay the prepayment penalties, Fitch includes the full
amount of such payments as part of total fund's liabilities in calculating the
relevant Fitch OC tests.

The fund invests principally in equity securities of energy-related publicly
traded master limited partnerships (MLPs). Energy-related MLPs own domestic
infrastructure assets that are used in the gathering, processing,
transportation, storage, refining and distribution of energy-related
commodities. The fund's objective is to obtain high after tax total returns for
its shareholders. As of March 31, 2010 the fund had $2 billion in total assets
under management.

KA Fund Advisors, LLC is the fund's investment adviser, responsible for
implementing and administering the fund's investment strategy. It is a
subsidiary of Kayne Anderson Capital Advisors, L.P. (Kayne Anderson), a
Securities and Exchange Commission-registered investment adviser. As of Feb. 28,
2010, Kayne Anderson and its affiliates managed approximately $8.7 billion,
including approximately $6 billion in energy-related assets. Kayne Anderson has
invested in MLPs and other midstream energy companies since 1998.

Applicable criteria available on Fitch's web site at 'www.fitchratings.com':

-- 'Closed-End Fund Debt and Preferred Stock Rating Criteria' (Aug. 17, 2009),
-- 'Closed-End Fund: Fitch Clarifies Criteria for Make-Whole Amounts and Other
Prepayment Obligations' (March 18, 2010).

Additional information is available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New York
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com
Viktoria Baklanova, CFA, +1-212-908-9162
Gwen Fink-Stone, +1-212-908-9128

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