Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 93

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 93
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 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, and up to 36 months for obligations in U.S. public finance markets.

F1: Highest short-term credit quality.Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+”
to denote any exceptionally strong credit feature.

<div align='center'>A-9</div>

F2: Good short-term credit quality.Good intrinsic capacity for timely payment of financial commitments.

F3: Fair short-term credit quality.The intrinsic capacity for timely payment of financial commitments is adequate.

B: Speculative short-term credit quality.Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes
in financial and economic conditions.

C: High short-term default risk.Default is a real possibility.

RD: Restricted default.Indicates
an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable
to entity ratings only.

D: Default.Indicates