Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 110

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 110
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 flows, highly reliable liquidity support, or demonstrated
broad-based access to the market for refinancing.

MIG 2This designation
denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3This designation
denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be
less well-established.

SGThis designation
denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Demand Obligation Ratings.In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned; a long- or short-term debt rating
and a demand obligation rating. The first element represents Moody’s evaluation of risk associated with scheduled principal and
interest payments. The second element represents Moody’s evaluation of risk associated with the ability to receive purchase price
upon demand (“demand feature”), using a variation of the MIG rating scale, the Variable Municipal Investment Grade or VMIG
rating. The rating transitions on the VMIG scale differ from those on the Prime scale to reflect the risk that external liquidity support
generally will terminate if the issuer’s long-term rating drops below investment grade.

VMIG 1This designation
denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider
and structural and legal protections that ensure the timely payment of purchase price upon demand.

<div align='center'>A-6</div>

VMIG 2This designation
denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural
and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 3This designation
denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider
and structural and legal protections that ensure the timely payment of purchase price upon demand.

SGThis designation
denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not
have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment
of purchase price upon demand.

Other Ratings Symbols

eExpected Ratings
Indicator. To address market demand for timely information on particular types of credit ratings, Moody’s has licensed to certain
third parties the right to generate “Expected Ratings.” Expected Ratings are designated by an “e” after the rating