KBRA Affirms and Assigns Ratings on Senior Notes and MRPS Assumed by Kayne Anderson Energy Infrastructure Fund, Inc. Following Acquisition of Kayne Anderson NextGen Energy & Infrastructure, Inc.

KBRA affirms the ‘AAA’ rating to the outstanding Senior Notes and affirms the ‘A+’ ratings to the outstanding Mandatory Redeemable Preferred Shares issued by Kayne Anderson Energy Infrastructure Fund, Inc. (“KYN” or the “Fund”). Concurrently, KBRA assigns the ‘AAA’ rating to the additional Senior Notes (Series TT and Series UU) and the ‘A+’ ratings to the additional Mandatory Redeemable Preferred Shares (Series U, Series V, and Series W) assumed by KYN following the merger.

Additionally, KBRA withdraws all of the Senior Notes (Series I, Series F) and MRPS (Series H, Series I, Series J) of Kayne Anderson NextGen Energy & Infrastructure, Inc. following the merger .

The Fund is registered under the Investment Company Act of 1940 (the “'40 Act”) and is a closed-end investment fund managed by KA Fund Advisors, LLC. The Fund had its Initial Public Offering on September 28, 2004 and its shares are listed on the New York Stock Exchange under the symbol KYN. The Fund’s investment strategy focuses on equity securities of energy infrastructure companies.

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Methodologies

Funds: Investment Fund Debt Global Rating Methodology

ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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