Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 247

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 247
---
,  
 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 that 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. Very low margin for safety. Default is a real possibility. |

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

| C | Near                                                                                   
 Default. A Default or default-like process has begun, or for a closed funding vehicle, 
 payment capacity is irrevocably impaired. 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                                                                                     
 formal announcement by the issuer or their agent of a distressed debt exchange (“DDE”); 
 and                                                                                     |

| c. | A                                                                                            
 closed financing vehicle where payment capacity is irrevocably impaired such that it         
 is not expected to pay interest and/or principal in full during the life of the transaction, 
 but where no payment default is imminent.                                                    |

<div align='center'>A-7</div>

| RD | Restricted                                                                                    
 default. ‘RD’ ratings indicate an issuer that in Fitch Ratings’ opinion                       
 has experienced an uncured payment default or DDE on a bond, loan or other material financial 
 obligation but which has not entered into bankruptcy filings, administration, receivership,   
 liquidation or other formal winding-up procedure, and which has not otherwise ceased          
 operating. This would include:                                                                |

| a. | the                                                                   
 selective payment default on a specific class or currency of debt; or |

| b. |