Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 80

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 80
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 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 to meet its financial commitment on the obligation
is extremely strong.

AA An obligation rated
‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial
commitment on the obligation is very strong.

A An obligation rated
‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

| * | Plus (+) or minus (-) The ratings from ‘AA’ to ‘CCC’ may be modified by the addition          
 of a plus (+) or minus (-) sign to show relative standing within the major rating categories. |

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