Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 86

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 86
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 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 issuers or obligations with an original maturity of one year or more and reflect both on the likelihood
of a default on contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are
assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually
promised payments and the expected financial loss suffered in the event of default.

Moody’s differentiates
structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution and public
sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance
ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade