Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 81

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 81
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BBB An obligation rated
‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely
to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

BB; B; CCC; CC; and C
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant
speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations
will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse
conditions.

BB An obligation rated
‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure
to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial
commitment on the obligation.

B An obligation rated
‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to
meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s
capacity or willingness to meet its financial commitment on the obligation.

CCC An obligation rated
‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions,
the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC An obligation rated
‘CC’ is currently highly vulnerable to nonpayment.

C A ‘C’ rating
is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the
terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced
a payment default. Among others, the ‘C’ rating may be assigned to subordinated debt, preferred stock or other obligations
on which cash payments have been suspended in accordance with the instrument’s terms or when preferred stock is the subject of a
distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments
having a total value that is less than par.

D An obligation rated
‘D’ is in payment default. The ‘D’