Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 244

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 244
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Fitch Ratings, Inc. —A brief description of the applicable Fitch Ratings, Inc. (“Fitch”) ratings symbols and meanings (as published by Fitch) follows:

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity’s relative vulnerability to default – including by way of a distressed debt exchange (DDE) – 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.

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.

<div align='center'>A-6</div>

LONG-TERM CREDIT RATINGS

| 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 a 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 that supports the servicing of financial commitments. |

| B | Highly                                                                                 
 speculative. ‘B’ ratings