Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 280

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 280
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 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. |

D-8

| 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 | Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present. |

| CC | Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk. |

| C | Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk. |

Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote relative status within major rating categories. For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating level). Such suffixes are not added to ‘AAA’ ratings and ratings below