Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 156

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 156
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ancial 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 level will behave the same.
The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental
securities may have different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad
expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

Global Long-Term Rating
Scale

AaaObligations rated
Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

AaObligations rated
Aa are judged to be of high quality and are subject to very low credit risk.

AObligations rated
A are judged to be upper-medium grade and are subject to low credit risk.

BaaObligations rated
Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

BaObligations rated
Ba are judged to be speculative and are subject to substantial credit risk.

BObligations rated
B are considered speculative and are subject to high credit risk.

CaaObligations rated
Caa are judged to be speculative of poor standing and are subject to very high credit risk.

CaObligations rated
Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

CObligations rated
C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

<div align='center'>A-5</div>

Note: Moody’s
appends numerical modifiers 1