Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 241

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 241
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 effects of changes in circumstances and economic conditions than obligations in higher 
 rating categories. However, the obligor’s capacity to meet its financial commitments   
 on the obligation is satisfactory.                                                     |

| A-3 | A                                                                                        
 short-term obligation rated ‘A-3’ exhibits adequate protection parameters.               
 However, adverse economic conditions or changing circumstances are more likely to weaken 
 an obligor’s capacity to meet its financial commitments on the obligation.               |

| B | A                                                                                           
 short-term obligation rated ‘B’ is regarded as vulnerable and has significant               
 speculative characteristics. The obligor currently has the capacity to meet its financial   
 commitments; however, it faces major ongoing uncertainties that could lead to the obligor’s 
 inadequate capacity to meet its financial commitments.                                      |

| C | A                                                                                        
 short-term obligation rated ‘C’ is currently vulnerable to nonpayment and                
 is dependent upon favorable business, financial, and economic conditions for the obligor 
 to meet its financial commitments on the obligation.                                     |

<div align='center'>A-3</div>

| D | A                                                                                            
 short-term obligation rated ‘D’ is in default or in breach of an imputed                     
 promise. For non-hybrid capital instruments, the ‘D’ rating category is used                 
 when payments on an obligation are not made on the date due, unless S&P Global Ratings       
 believes that such payments will be made within any stated grace period. However, any        
 stated grace period longer than five business days will be treated as five business days.    
 The ‘D’ rating also will be used upon the filing of a bankruptcy petition                    
 or the taking of a similar action and where default on an obligation is a virtual certainty, 
 for example due to automatic stay provisions. A rating on an obligation is lowered to        
 ‘D’ if it is subject to a distressed debt restructuring.                                     |

MUNICIPAL SHORT-TERM NOTE RATINGS DEFINITIONS

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings’ opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating.

In determining which type of rating, if any, to assign, S&P Global Ratings’ analysis will review the following considerations:

1. Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and