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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings notes that the 5.0% Series B Mandatory Redeemable Preferred Shares (MRPS) issued by Tortoise Energy Capital Corp. (NYSE:TYY), a closed-end fund managed by Tortoise Capital Advisors, LLC, are paid in full following the announced redemption of all outstanding Series B MRPS. The MRPS were rated 'AA' by Fitch prior to the redemption.

The MRPS were redeemed on May 17, 2012 at $10.10 per share, which was comprised of the liquidation preference amount of $10.00 per share and the required redemption premium of $0.10 per share, plus accrued dividends. TYY utilized net proceeds from its recent issuance of $50 million 3.95% Series C MRPS (rated 'AA' by Fitch) and its bank credit facility to facilitate the redemption.

TYY is a non-diversified, closed-end management investment company that commenced operations on May 31, 2005. As of April 30, 2012, the fund's total assets were $868.3 million.

Tortoise Capital Advisors, LLC, a wholly owned subsidiary of Tortoise Holdings, LLC, is TYY's investment adviser, responsible for the fund's overall investment strategy and its implementation. The advisor was formed in October 2002 and, as of March 31, 2012, had approximately $7.9 billion in assets under management in six NYSE-listed investment companies and private accounts.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--Rating Closed-End Fund debt and Preferred Stock, Aug. 16, 2011.

Applicable Criteria and Related Research:

Rating Closed-End Fund Debt and Preferred Stock

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