Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 162

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 162
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 issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default.
Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies
several days or weeks in the immediate future.

In all cases, the assignment
of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe
of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial
practice.

Note: The modifiers
“+” or “-” may be appended to a rating to denote relative status within major rating categories. Such suffixes
are not added to the ‘AAA’ Long-Term IDR category, or to Long-Term IDR categories below ‘B’.

Limitations for the Issuer Credit Rating Scale:

Specific limitations relevant
to the issuer credit rating scale include:

| ● | The ratings do not predict a specific                        
 percentage of default likelihood over any given time period. |

| ● | The ratings do not opine on the market                                                   
 value of any issuer’s securities or stock, or the likelihood that this value may change. |

| ● | The ratings do not opine on the liquidity 
 of the issuer’s securities or stock.      |

| ● | The ratings do not opine on the possible                 
 loss severity on an obligation should an issuer default. |

| ● | The ratings do not opine on the suitability   
 of an issuer as counterparty to trade credit. |

| ● | The ratings do not opine on any quality                                                   
 related to an issuer’s business, operational or financial profile other than the agency’s 
 opinion on its relative vulnerability to default.                                         |

Ratings assigned by Fitch
Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the reader’s
convenience.

Short-Term Ratings Assigned to Issuers or Obligations in Corporate, Public and Structured Finance.A short-term issuer or obligation rating is based
in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose
initial maturity is viewed as “short term” based on market convention. Typically, this means up to 13 months for corporate,
sovereign, and structured obligations