Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 348

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 348
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 Rating Scales Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument. On the contrary, Ratings of debtor-in-possession(“DIP”) obligations incorporate the expectation of full repayment. The relationship between the issuer scale and obligation scale assumes a generic historical average recovery. Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery Ratings. As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and obligation ratings. Fitch long-term obligations rating scales are as follows:

| AAA |     | Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to 
 be adversely affected by foreseeable events.                                                                                                                                                                                   |
| AA  |     | Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable      
 events.                                                                                                                                                                                                                        |
| A   |     | High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or    
 economic conditions than is the case for higher ratings.                                                                                                                                                                       |

D-7

| BBB |     | Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The capacity for                                             
 payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.                |
| BB  |     | Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse                                            
 changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial