KBRA Affirms and Assigns Ratings on Senior Notes and MRPS Assumed by ClearBridge Energy Midstream Opportunity Fund Inc. Following Acquisition of Two ClearBridge Funds
9 Sep 2024 | New York
KBRA affirms the ‘AAA’ ratings to the outstanding Senior Notes and affirms the ‘A’ ratings to the outstanding Mandatory Redeemable Preferred Shares issued by ClearBridge Energy Midstream Opportunity Fund Inc. (“EMO” or the “Fund”). Concurrently, KBRA assigns the ‘AAA’ ratings to the additional Senior Notes (Series K, L, M, N, O, I and J) and the ‘A’ ratings to the additional Mandatory Redeemable Preferred Shares (Series N, O, P, M, R and Q) assumed by EMO following the merger. KBRA has removed the Watch Developing status for the Fund.
Following the merger, KBRA withdraws the ratings on all of the Senior Notes (Series B, A, I, J and K) and MRPS (Series I, J, K, L and M) of ClearBridge MLP and Midstream Fund Inc., and KBRA withdraws the ratings on all of the Senior Notes (Series C and F) and MRPS (Series E) of ClearBridge MLP and Midstream Total Return Fund Inc.
The Fund is registered under the Investment Company Act of 1940 and is a closed-end investment fund. The Fund is sponsored by Franklin Templeton, advised by Franklin Templeton Fund Adviser LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) and sub-advised by ClearBridge Investments, both of which are wholly owned subsidiaries of Franklin Resources. The Fund had its Initial Public Offering on June 10, 2011 and its shares are listed on the New York Stock Exchange under the symbol EMO. The Fund’s investment strategy focuses on equity securities of energy midstream entities structured as both partnerships and corporations.
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