Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 342

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 342
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 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

D-7

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.                                                                                                                                                                    |
| 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 commitments to be met.                                                        |
| B   |     | Highly Speculative. ‘B’ ratings indicate that material credit risk is present.                                                                                                                                              |
| CCC