Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 87

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 87
---
 level will behave the same.
The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental
securities may have different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad
expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

Global Long-Term Rating Scale

AaaObligations rated
Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

AaObligations rated Aa
are judged to be of high quality and are subject to very low credit risk.

AObligations rated A
are judged to be upper-medium grade and are subject to low credit risk.

BaaObligations rated
Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

BaObligations rated Ba
are judged to be speculative and are subject to substantial credit risk.

BObligations rated B
are considered speculative and are subject to high credit risk.

CaaObligations rated
Caa are judged to be speculative of poor standing and are subject to very high credit risk.

CaObligations rated Ca
are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

CObligations rated C
are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

<div align='center'>A-5</div>

Note: Moody’s
appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation
ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking
in the lower end of that generic rating

category. Additionally, a “(hyb)”
indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

By their terms, hybrid securities
allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an
omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment.
Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit
risk associated with that security