Fitch Assigns Kayne Anderson MLP Investment Company's Auction Rate Snr Notes 'AAA'.

NEW YORK -- Fitch Ratings assigned 'AAA' ratings to 7,400 auction rate notes ('ARSN') Series F issued by the Kayne Anderson MLP Investment Company ('Fund'), a closed-end, non-diversified investment management company. ARSNs of Series F are issued in denominations of $25,000, have an aggregate principal amount of $185,000,000 and pay interest determined by the Dutch auction on a 7-day cycle. The 'AAA' rating denotes the lowest expectations of credit risk.

The 'AAA' rating on the outstanding ARSNs of Series A, B, C and E and the 'AA' rating the outstanding auction rate preferred shares (ARPS) of Series D will not be adversely affected by this offering.

The Fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow up to 33 1/3% of a Fund's total assets through the issuance of leverage in a form of debt and/or preferred stock. At the time of rating, the Fund's total proforma leverage, including the new issuance of ARSNs, was approximately 25% of its total assets.

The assigned rating is based on the strength of the underlying Fund's portfolio that provides debt and preferred stock liquidation coverage as well as the quality and experience of the Fund's investment advisor KA Fund Advisors, LLC. At the time of the rating, the Fund's proforma ARSN coverage ratio calculated in accordance the requirements of the Investment Adviser's Act of 1940 was approximately 404% and Fitch coverage ratio was approximately 187%. The proforma coverage ratios satisfy regulatory requirements mandating an asset coverage ratio of 300% as well as Fitch's minimum coverage ratio requirements of 115%.

The Fund's investment objective is to obtain a high after-tax total return by investing at least 85% of total assets in energy-related master limited partnerships ('MLPs') and their affiliates and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. The Fund is designed to provide a tax efficient means for investing in a portfolio of such companies.

The Fund may invest in both debt and equity securities of MLPs and other midstream energy companies. The Fund intends to invest at least 50% of its total assets in publicly traded securities and it may invest up to 50% of its total assets in unregistered or otherwise restricted securities. At the time of the rating, 100% of the Fund's portfolio was invested in equity securities, of which approximately 10% was invested in unregistered securities.

KA Fund Advisors, LLC is the Fund's investment adviser, responsible for implementing and administering Fund's investment strategy. It is a subsidiary of Kayne Anderson Capital Advisors, L.P., a SEC-registered investment adviser. As of May 31, 2007, Kayne Anderson and its affiliates managed approximately $8.6 billion, including approximately $4.2 billion in MLPs and other Midstream Energy Companies. Kayne Anderson has invested in MLPs and other midstream energy companies since 1998.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.