Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 277

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 277
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 payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated 
 grace period. However, any stated grace period longer than five business days will be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where                                                 
 default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring.                                                                                            |

Description of S&P’s Municipal Short-Term Note Ratings An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P’s analysis will review the following considerations: D-6

| ● |     | Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will 
 be treated as a note; and                                                                                 |

| ● |     | 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