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Fitch Affirms Preferred Share Ratings of 26 BlackRock Municipal Closed-End Funds

  Fitch Affirms Preferred Share Ratings of 26 BlackRock Municipal Closed-End
  Funds

Business Wire

NEW YORK -- November 29, 2012

Fitch Ratings affirms the 'AAA' ratings assigned to $2.3 billion in variable
municipal term preferred shares (VMTP Shares) issued by 19 municipal
closed-end funds (CEFs) and 'AAA/F1' ratings assigned to $365 million in
variable rate demand preferred shares (VRDP Shares) issued by seven municipal
CEFs, all managed by BlackRock Advisors, LLC as the funds' investment advisor.
A complete list of rating actions follows at end of this press release.

The rating affirmation follows a period review of the credits. In the case of
VRDP Shares' ratings, the review also reflects the replacement of the bank
liquidity provider, now to be assumed by Barclays Bank PLC ('A/F1', Stable)
over Morgan Stanley Bank, N.A. ('A/F1', Stable).

KEY RATING DRIVERS

The 'F1' short-term rating (assigned to VRDP Shares only) primarily reflects:

--The credit strength of the liquidity provider Barclays Bank, PLC;

--The terms and conditions of the purchase agreement (the purchase agreement).

The 'AAA' long-term rating (assigned to both VRDP Shares and VMTP Shares)
primarily reflects:

--Sufficient asset coverage provided to the preferred shares as calculated per
the fund's asset coverage tests;

--The structural protections afforded by mandatory collateral maintenance and
de-leveraging provisions in the event of asset coverage declines;

--The legal and regulatory parameters that govern the fund's operations.

Both the short- and long-term ratings also reflect the capabilities of
BlackRock Advisors, LLC. as investment advisor.

TENDER AND REMARKETING (VRDP Shares only)

The VRDP Shares benefit from a feature giving investors the right to tender
the securities with a seven-day notice for remarketing. The VRDP Shares are
also subject to a mandatory tender for remarketing upon the occurrence of
certain events, such as non-payment of dividends by the fund, announcement of
a special rate period, among others. VRDP Shares that are unsuccessfully
remarketed are purchased by the liquidity provider.

The VRDP Shares have a 30-year mandatory final maturity and pay an adjustable
dividend rate set weekly by the remarketing agent (or any subsequent
replacement). Barclays Capital Inc. has assumed the remarketing agent
responsibilities over Morgan Stanley & Co. LLC, with substantially the same
terms. Should any weekly remarketing be unsuccessful, the dividend rate will
reset to a maximum rate as defined in the transactional documents.

The Bank of New York Mellon (rated 'AA-/F1+', Stable) serves as the tender and
paying agent, and as such, provides remarketing results to the holders of VRDP
Shares, tender and deliver non-clearing VRDP Shares from holders to the
liquidity provider, and notifies the holders of VRDP Shares of a non-renewal
or termination of the purchase agreement, among other duties.

PURCHASE OBLIGATION

The VRDP Shares are supported by a purchase agreement to ensure full and
timely repayment of the liquidation preference amount plus any accumulated and
unpaid dividends to holders upon occurrence of certain events. The purchase
agreement requires the liquidity provider to purchase all VRDP Shares tendered
for sale that were not successfully remarketed. The liquidity provider must
also purchase all outstanding VRDP Shares if the fund has not obtained an
alternate purchase agreement prior to the termination of the purchase
agreement being replaced or following the downgrade of the liquidity
provider's ratings below 'F2' (or equivalent).

The purchase of VRDP Shares pursuant to the purchase agreement is
unconditional and irrevocable, and as such the short-term ratings assigned to
the VRDP Shares are directly linked to the short-term creditworthiness of the
liquidity provider. Although Barclays Bank PLC has assumed the liquidity
provider responsibilities over Morgan Stanley Bank, N.A., the terms of the
purchase agreement with Barclays Bank PLC are substantially the same as the
terms of the purchase agreement with Morgan Stanley Bank, N.A., with no credit
concerns noted. The purchase agreement with Barclays Bank PLC has a two-year
term.

ASSET COVERAGE

As of end of August 2012, each fund's pro forma asset coverage ratio, as
calculated in accordance with the Fitch total and net over-collateralization
tests per the 'AAA' rating guidelines outlined in Fitch's criteria, was in
excess of 100%, which is the minimum threshold required under the VRDP Shares'
and VMTP Shares' transactional documents.

As of the same date, each fund's asset coverage ratio for the VRDP Shares and
VMTP Shares, as calculated in accordance with the Investment Company Act of
1940, was in excess of the minimum asset coverage threshold of 225% as
currently set by corresponding transactional documents.

Each fund has also covenanted to maintain an effective leverage ratio for both
the preferred shares and floating-rate certificates of tender option bonds
below 45% (or 46% if the increase in the ratio is due exclusively to asset
market value volatility). Each fund's Effective Leverage Ratio is currently
below 45%.

In the event of asset coverage decline, the VRDP Shares' and VMTP Shares'
transactional documents require a fund to reduce leverage in order to restore
compliance with the particular test(s) breaching the required threshold(s).

FUND PROFILES

The funds are closed-end management investment companies regulated by the
Investment Company Act of 1940. The funds seek to provide shareholders with
either high current income or current income exempt from federal income taxes,
and additionally from state income taxes for single-state funds, by investing
primarily in a portfolio of qualified municipal obligations. Under normal
market conditions, the funds expect to invest primarily in assets that are
rated at least 'BBB' by Fitch or equivalent.

FUND ADVISOR

BlackRock Advisors, LLC, a subsidiary of BlackRock, Inc., is the advisor to
the funds, responsible for the overall investment strategies and their
implementation. BlackRock, Inc. and its affiliates had approximately $3.673
trillion of assets under management as of Sept. 30, 2012.

RATINGS SENSITIVITY

The ratings assigned to the VRDP Shares and VMTP Shares may be sensitive to
material changes in the leverage composition, portfolio credit quality,
portfolio diversification or market risk of the fund, as described above. A
material adverse deviation from Fitch guidelines for any key rating driver
could cause ratings to be lowered by Fitch.

The short-term ratings assigned to the VRDP Shares may also be sensitive to
changes in the financial condition of the liquidity provider. A downgrade of
the liquidity provider to 'F2' would result in a downgrade of the short-term
rating of the VRDP Shares to 'F2,' absent other mitigants. However a downgrade
of the liquidity provider below 'F2' would not necessarily result in a further
corresponding downgrade given the acceleration features in the transaction
documents for the VRDP

Shares that would result in a mandatory tender of the VRDP Shares for purchase
by the liquidity provider.

For additional information about Fitch rating guidelines applicable to debt
and preferred stock issued by closed-end funds, please review the criteria
referenced below, which can be found on Fitch's web site at
'www.fitchratings.com'.

LIST OF RATING ACTIONS

Fitch affirms the following VMTP Shares at 'AAA':

--$171,300,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due April 1, 2015, issued by BlackRock California
Municipal Income Trust (NYSE:BFZ);

--$59,100,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due April 1, 2015, issued by BlackRock New Jersey
Municipal Income Trust (NYSE:BNJ);

--$94,500,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due April 1, 2015, issued by BlackRock New York Municipal
Income Trust (NYSE:BNY);

--$254,000,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due April 1, 2015, issued by BlackRock MuniHoldings
California Quality Fund, Inc. (NYSE:MUC);

--$125,900,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by The BlackRock Investment
Quality Municipal Trust, Inc. (NYSE:BKN);

--$79,900,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock Municipal Bond Trust
(NYSE:BBK), rated 'AAA';

--$42,200,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock Municipal Income
Investment Quality Trust (NYSE:BAF), rated 'AAA';

--$137,200,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock Municipal Income
Quality Trust (NYSE-AMEX:BYM), rated 'AAA';

--$270,800,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock Municipal Income
Trust (NYSE:BFK), rated 'AAA';

--$151,300,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock Municipal Income
Trust II (NYSE:BLE), rated 'AAA';

--$55,000,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniHoldings Fund
II, Inc. (NYSE:MUH), rated 'AAA';

--$83,700,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniHoldings Fund,
Inc. (NYSE:MHD), rated 'AAA';

--$131,000,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniHoldings Quality
Fund II, Inc. (NYSE:MUE), rated 'AAA';

--$87,000,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniHoldings Quality
Fund, Inc. (NYSE:MUS), rated 'AAA';

--$140,000,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniVest Fund II,
Inc. (NYSE:MVT), rated 'AAA';

--$243,800,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniVest Fund, Inc.
(NYSE-AMEX:MVF), rated 'AAA';

--$56,500,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniYield Investment
Quality Fund (NYSE:MFT), rated 'AAA';

--$116,500,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by BlackRock MuniYield Quality
Fund II, Inc. (NYSE:MQT), rated 'AAA';

--$42,900,000 of Series W-7 VMTP Shares, with a liquidation preference of
$100,000 per share, due Jan. 2, 2015, issued by The BlackRock Strategic
Municipal Trust (NYSE:BSD), rated 'AAA'.

Fitch affirms the following VRDP Shares at 'AAA/F1':

BlackRock Municipal Income Investment Trust (NYSE: BBF)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock New York Municipal Income Trust II (NYSE-AMEX: BFY)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock Municipal Bond Investment Trust (NYSE: BIE)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock New York Municipal Bond Trust (NYSE: BQH)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock New York Municipal Income Quality Trust (NYSE: BSE)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock Muni New York Intermediate Duration Fund, Inc. (NYSE: MNE)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share;

BlackRock MuniYield Quality Fund, Inc. (NYSE: MQY)

--VRDP Shares, series W-7, due Oct 2041, with a liquidation preference of
$100,000 per share.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

The sources of information used to assess this rating were the public domain
and BlackRock Advisors, LLC.

Applicable Criteria and Related Research:

--'Municipal Closed-End Funds Diversify Funding and Moderate Rollover Risk'
(Oct. 11, 2012);

--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 16, 2012);

--'Municipal CEFs Refinance Pre-Crisis ARPS' (May 3, 2012);

--'Primer: CEF Variable-Rate Demand Preferred Shares' (Oct. 27, 2011).

Applicable Criteria and Related Research:

Municipal Closed-End Funds Diversify Funding and Moderate Rollover Risk

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=691173

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686101

Municipal CEFs Refinance Pre-Crisis ARPS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677576

Primer: CEF Variable-Rate Demand Preferred Shares (Closed-End Fund VRDPs
Target Short-Term, Money Market Investors)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=654295

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst:
Yuriy Layvand, CFA, +1-212-908-9191
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Gwen Fink-Stone, +1-212-908-9128
Associate Director
or
Committee Chairperson:
Ralph Aurora, +1-212-908-0528
Senior Director
or
Media Relations:
Brian Bertsch, New York, +1 212-908-0549
brian.bertsch@fitchratings.com