Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 426

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 426
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 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 the currency in which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings. Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:

| 1 | The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on 
 an obligation in accordance with the terms of the obligation;                                              |

| 2 | The nature and provisions of the financial obligation, and the promise S&P imputes; and |

A-3

| 3 | The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,  
 reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) Long-Term Issue Credit Ratings*

| AAA | An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to 
 meet its financial commitments on the obligation is extremely strong.                       |

| AA | An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The 
 obligor’s capacity to meet its financial commitments on the obligation is very