Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 107

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 107
---
 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 anticipated general         
 credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming   
 successful completion of the transformative event. Should the transformative event not occur,     
 S&P would likely withdraw these preliminary ratings.                                              |

| ● | A preliminary recovery rating may                                        
 be assigned to an obligation that has a preliminary issue credit rating. |

<div align='center'>A-4</div>

sf The (sf) suffix
is assigned to all issues and issuers to which a regulation, such as the European Union Regulation on Credit Rating Agencies, requires
the assignment of an additional symbol which distinguishes a structured finance instrument or obligor (as defined in the regulation) from
any other instrument or obligor. The addition of this suffix to a credit rating does not change the definition of that rating or our opinion
about the issue’s or issuer’s creditworthiness.

tThis symbol indicates
termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash
settle all their contracts before their final maturity date.

unsolicitedUnsolicited
ratings are those credit ratings assigned at the initiative of S&P and not at the request of the issuer or its agents.

MOODY’S INVESTORS SERVICE, INC.

A brief description of the
applicable Moody’s Investors Service, Inc. (“Moody’s”) rating symbols and their meanings (as published by Moody’s)
follows.

Global Rating Scales

Ratings assigned on Moody’s
global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued
by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles and public sector entities.
Long-term ratings are assigned to