Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 90

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 90
---

a final rating is subject to the fulfillment of contingencies but it is highly likely that the rating will become definitive after all
documents are received or an obligation is issued into the market. A provisional rating is denoted by placing a (P) in front of the rating.
Such ratings are typically assigned to shelf registrations under SEC rule 415 or transaction-based structures that require investor
education. When a transaction uses a well-established structure and the transaction’s structure and terms are not expected to change
prior to sale in a manner that would affect the rating, a definitive rating may be assigned directly.

# Refunded. Issues that are secured
by escrowed funds held in trust, reinvested in direct, non-callable US government obligations or non-callable obligations unconditionally
guaranteed by the US Government or Resolution Funding Corporation are identified with a 

# (hatch mark) symbol, e.g., #Aaa.
WRWithdrawn. When Moody’s
no longer rates an obligation on which it previously maintained a rating, the symbol WR is employed.

NRNot Rated. The symbol
NR is assigned to unrated obligations, issuers and/or programs. NAVNot Available. An issue that Moody’s has not yet rated
is denoted by the NAV symbol.

TWRTerminated Without
Rating. The symbol TWR applies primarily to issues that mature or are redeemed without having been rated.

FITCH RATINGS, INC.

A brief description of the applicable
Fitch Ratings, Inc. (“Fitch”) ratings symbols and meanings (as published by Fitch) follows.

Rated entities in a number of
sectors, including financial and non-financial corporations, sovereigns and insurance companies, are generally assigned Issuer Default
Ratings (IDRs). IDRs opine on an entity’s relative vulnerability to default on financial obligations. The “threshold”
default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure
of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts, although
the agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.

<div align='center'>A-7</div>

In aggregate, IDRs provide an
ordinal ranking of issuers based on the agency’s view of their relative vulnerability to default, rather than a prediction of a
specific percentage likelihood of default. For historical information on the default experience of Fitch-rated issuers