Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 274

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 274
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 addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature (“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment grade. Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is “NR”. VMIG Scale

| VMIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term                                
 credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |

| VMIG 2 | This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit                           
 strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |

| VMIG 3 | This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory                                                 
 short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |

| SG | This designation denotes speculative-grade credit quality. Demand features rated in this category may be                                                                                                           
 supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. |

Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account