TYY Tortoise Energy Capital Corp

Tortoise Energy Capital Corporation's (NYSE:TYY) auction-rate senior notes, series A, $60,000,000 aggregate principal amount and series B, $60,000,000 aggregate principal amount, both series offered in $25,000 denominations or any integral multiple thereof, are rated 'AAA' by Fitch Ratings. The ratings are based on asset coverage and senior notes maintenance amount tests, as well as the quality and experience of the investment adviser. Tortoise Energy Capital Corporation is a recently organized, nondiversified, closed-end management investment company. The company's investment objective is to seek a high level of total return with an emphasis on current distributions to stockholders by investing primarily in a diversified portfolio of master limited partnership (MLP) securities. The company is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 33 1/3% of the fund's value through the issuance of senior notes. Tortoise Capital Advisors, L.L.C., the company's investment adviser (the adviser), was formed in October 2002 to provide portfolio management services to institutional and high net-worth investors seeking professional management of their MLP investments. The adviser is controlled equally by Fountain Capital Management, L.L.C. (Fountain Capital) and Kansas City Equity Partners LC (KCEP). The adviser manages over $1.3 billion of energy infrastructure investments in two closed-end funds and separately managed accounts. 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.