Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 268

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 268
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6

| • |     | Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will 
 be treated as a note.                                                                                        |

S&P’s municipal short-term note rating symbols are as follows:

| SP-1 | Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay 
 debt service is given a plus (+) designation.                                                               |

| SP-2 | Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic 
 changes over the term of the notes.                                                                            |

| SP-3 | Speculative capacity to pay principal and interest. |

| D | ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt restructuring,                                                                           
 or 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. |

Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the dimensions of risk covered in each assessment. Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-nationalentities) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets. The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a specific