Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 276

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 276
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 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 believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating also will be used upon the      
 filing of a bankruptcy petition or the taking of 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.                                                                                                                                                                                                             |

* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Short-Term Issue Credit Ratings

| A-1 | A short-term obligation rated ‘A-1’ is rated in the highest                                                                                                                                                                              
 category by S&P. The obligor’s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet 
 its financial commitments on these obligations is extremely strong.                                                                                                                                                                      |

| A-2 | A short-term obligation rated ‘A-2’ is somewhat more                                                                                                                                                                                      
 susceptible to the adverse 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. |

| 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