Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 423

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 423
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 protections that ensure the timely payment of purchase price upon demand. |

| VMIG 2 | This 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 3 | This 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. |

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

Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings. Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:

| 1 | The likelihood of payment—the capacity and willingness of the obligor to meet its financial 
 commitments on an obligation in accordance with the terms of the obligation;