Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 109

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 109
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 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.

Global Short-Term Rating Scale

P-1Issuers (or supporting
institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2Issuers (or supporting
institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3Issuers (or supporting
institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. NPIssuers (or supporting institutions)
rated Not Prime do not fall within any of the Prime rating categories.

Short-Term Obligation Ratings.While the global short-term ‘prime’ rating scale is applied to US municipal tax-exempt commercial paper,
these programs are typically backed by external letters of credit or liquidity facilities and their short-term prime ratings usually map
to the long-term rating of the enhancing bank or financial institution and not the municipality’s rating. Other short-term municipal
obligations, which generally have different funding sources for repayment, are rated using two additional short-term rating scales (i.e.,
the MIG and VMIG scales discussed below).

The Municipal Investment
Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG
scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire
at the maturity of the obligation, and the issuer’s long-term rating is only one consideration in assigning the MIG rating. MIG
ratings are divided into three levels—MIG1 through MIG3—while speculative grade short-term obligations are designated SG.

MIG 1This designation
denotes superior credit quality. Excellent protection is afforded by established cash