Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 243

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 243
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 RATINGS

Issue credit ratings are based in varying degrees, on S&P’s analysis of the following considerations:

| 1. | The                                                                                     
 Likelihood of payment—the capacity and willingness of the obligor to meet its financial 
 commitments on an obligation in accordance with the terms of the obligation;            |

| 2. | The                                                                               
 nature and provisions of the financial obligation, and the promise we impute; and |

| 3. | The                                                                                     
 protection afforded by, and relative position of, the financial obligation in the event 
 of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and  
 other laws affecting creditors’ rights.                                                 |

<div align='center'>A-1</div>

An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

| AAA | An                                                                                  
 obligation rated ‘AAA’ has the highest rating assigned by S&P Global                
 Ratings. The obligor’s capacity to meet its financial commitments on the obligation 
 is extremely strong.                                                                |

| AA | An                                                                              
 obligation rated ‘AA’ differs from the highest-rated obligations only to        
 a small degree. The obligor’s capacity to meet its financial commitments on the 
 obligation is very strong.                                                      |

| A | An                                                                                   
 obligation rated ‘A’ is somewhat more susceptible to the adverse effects             
 of changes in circumstances and economic conditions than obligations in higher-rated 
 categories. However, the obligor’s capacity to meet its financial commitments on     
 the obligation is still strong.                                                      |

| BBB | An                                                                                            
 obligation rated ‘BBB’ exhibits adequate protection parameters. However,                      
 adverse economic conditions or changing circumstances are more likely to weaken the obligor’s 
 capacity to meet its financial commitments on the obligation.                                 |

| BB,               
 B, CCC, CC, and C | Obligations rated                                                                                         
 ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded                                                              
 as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation         
 and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, 
 these may be outweighed by large uncertainties or major exposure to adverse conditions.                   |

|