Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 91

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 91
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, please consult
the transition and default performance studies available from the Fitch Ratings website.

Long-Term
Credit Ratings Scales

AAA Highest credit quality.‘AAA’ ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity
for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA Very high credit quality.
‘AA’ ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments.
This capacity is not significantly vulnerable to foreseeable events.

A High credit quality.‘A’
ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity
may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB Good credit quality.‘BBB’
ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered
adequate but adverse business or economic conditions are more likely to impair this capacity.

BB Speculative. ‘BB’
ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions
over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B Highly speculative.‘B’
ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being
met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC Substantial credit risk.Default is a real possibility.

CC Very high levels of credit risk.Default of some kind appears probable.

C Exceptionally High Levels of Credit Risk. Default is imminent or inevitable, or the issuer is in standstill.

Conditions that are indicative
of a ‘C’ category rating for an issuer include:

| (a) | the issuer has entered into a grace or cure period following non-payment of a material financial obligation; |

| (b) | the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment 
 default on a material financial obligation; or                                                        |

| (c) | Fitch Ratings otherwise believes a condition of ‘RD’ or ‘D’ to be imminent or        
 inevitable, including through the formal announcement of a distressed debt exchange. |

RD Restricted default.‘RD’
ratings indicate an issuer that in Fitch’s opinion has experienced an uncured payment default on a bond, loan or other material
financial obligation but which has not