Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 264

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 264
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 Caa | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit 
 risk.                                                                                                   |

D-2

| Ca | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of 
 recovery of principal and interest.                                                                         |

| C | Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of 
 principal or interest.                                                                                      |

Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-rangeranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. Description of Moody’s Global Short-Term Rating Scale

| P-1 | Ratings of Prime-1 reflect a superior ability to repay short-term 
 obligations.                                                      |

| P-2 | Ratings of Prime-2 reflect a strong ability to repay short-term 
 obligations.                                                    |

| P-3 | Ratings of Prime-3 reflect an acceptable ability to repay short-term 
 obligations.                                                         |

| NP | Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |

Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings Description of Moody’s Short-Term Obligation Ratings Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer’s self-liquidity. For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below. Moody’s