Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 103

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 103
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 terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not
experienced a payment default. Among others, the ‘C’ rating may be assigned to subordinated debt, preferred stock or other
obligations on which cash payments have been suspended in accordance with the instrument’s terms or when preferred stock is the
subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other
instruments having a total value that is less than par.

D An obligation rated
‘D’ is in payment default. The ‘D’ rating category is used when payments on an obligation are not made on the
date due, unless Standard & Poor’s believes that such payments will be made within five business days, irrespective of any grace
period. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments
on an obligation are jeopardized. An obligation’s rating is lowered to ‘D’ upon completion of a distressed exchange
offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value
that is less than par.

NR This indicates
that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular
obligation as a matter of policy.

Short-Term Issue Credit
Ratings

A-1 A short-term obligation
rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to meet its financial commitment on
the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s
capacity to meet its financial commitment on these obligations is extremely strong.

A-2 A short-term obligation
rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.

A-3 A short-term obligation
rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

<div align='center'>A-2</div>

BA short-term obligation
rated ‘B’ is regarded