Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 112

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 112
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Ratings (IDRs). IDRs opine on an entity’s relative vulnerability to default on financial obligations. The “threshold”
default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure
of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts, although
the agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.

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In aggregate, IDRs provide
an ordinal ranking of issuers based on the agency’s view of their relative vulnerability to default, rather than a prediction of
a specific percentage likelihood of default. For historical information on the default experience of Fitch-rated issuers, 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.