Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 85

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 85
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 “AAA” and the interest portion of the obligation
is not rated.

pi Ratings with a ‘pi’
suffix are based on an analysis of an issuer’s published financial information, as well as additional information in the public
domain. They do not, however, reflect in-depth meetings with an issuer’s management and therefore may be based on less comprehensive
information than ratings without a ‘pi’ suffix. Ratings with a ‘pi’ suffix are reviewed annually based on a new
year’s financial statements, but may be reviewed on an interim basis if a major event occurs that may affect the issuer’s
credit quality.

preliminary Preliminary
ratings, with the ‘prelim’ suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances
described below. Assignment of a final rating is conditional on the receipt by S&P of appropriate documentation. S&P reserves
the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

| ● | Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, 
 pending receipt of final documentation and legal opinions.                                               |

| ● | Preliminary ratings are assigned to Rule 415 Shelf Registrations. As specific issues, with defined                           
 terms, are offered from the master registration, a final rating may be assigned to them in accordance with Standard & Poor’s 
 policies.                                                                                                                    |

| ● | Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor’s                                        
 emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation and discussions with the   
 obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the 
 reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).                                           |

| ● | Preliminary ratings may be assigned to entities that are being formed or that are in the process of being 
 independently established when, in S&P’s opinion, documentation is close to final.                        |

| ● | Preliminary ratings may also be assigned to these entities’ obligations. |

| ● | Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring,                       
 recapitalization, significant financing or other transformative event, generally at the point that investor or lender commitments are     
 invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the