Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 83

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 83
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 made within any stated grace period. However, any
stated grace period longer than five business days will be treated as five business days. The ‘D’ rating also will be used
upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

SPUR (S&Ps Underlying
Rating) A SPUR rating is a rating of a stand-alone capacity of an issue to pay debt service on a credit-enhanced debt issue, without giving
effect to the enhancement that applies to it. These ratings are published only at the request of the debt issuer/obligor with the designation
SPUR to distinguish them from the credit-enhanced rating that applies to the debt issue. S&P maintains surveillance of an issue with
a published SPUR.

Municipal Short-Term Note Ratings
Definitions

A S&P’s U.S. Municipal
note rating reflects S&P’s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three
years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term
debt rating. In determining which type of rating, if any, to assign, S&P’s analysis will review the following considerations:

| ● | Amortization schedule — the larger the final maturity relative to other maturities, the more likely 
 it will be treated as a note; and                                                                   |

| ● | Source of payment — the more dependent the issue is on the market for its refinancing, the more 
 likely it will be treated as a note.                                                            |

Note rating symbols are as follows:

SP-1 Strong capacity to
pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity
to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity
to pay principal and interest.

Dual Ratings S&P assigns
“dual” ratings to all debt issues that have a put option or demand feature as part of their structure. The first rating addresses
the likelihood of repayment of principal and interest as due, and the second rating addresses only the demand feature. The long-term rating
symbols are used for bonds to denote the long-term maturity and the short-term rating symbols for the put option (for example, ‘AAA/A-1+’).
With U.S