Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 149

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 149
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 published by S&P)
follows.

Issue Credit Ratings Definition

A Standard & Poor’s
issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation,
a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial
paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the
obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P’s view of the
obligor’s capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral
security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can
be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant
market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days—including commercial
paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations.
The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term
notes are assigned long-term ratings.

Long-Term Issue Credit
Ratings*

Issue credit ratings are
based, in varying degrees, on S&P’s analysis of the following considerations:

| ● | Likelihood of payment—capacity                                                                 
 and willingness of the obligor to meet its financial commitment on an obligation in accordance 
 with the terms of the obligation.                                                              |

| ● | Nature of and provisions of the obligation. |

| ● | Protection afforded by, and relative                                                         
 position of, the obligation in the event of bankruptcy, reorganization, or other arrangement 
 under the laws of bankruptcy and other laws affecting creditors’ rights.                     |

Issue ratings are an assessment
of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations
are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation
may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding
company obligations.)

AAA An obligation
rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity