BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

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06/30BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND : Municipal Closed End Fund Data
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06/23Fitch Withdraws 3 BlackRock Funds' VRDP Shares' Short-Term Ratings
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Fitch Withdraws 3 BlackRock Funds' VRDP Shares' Short-Term Ratings

06/23/2022 | 05:08am EDT

Fitch Ratings has withdrawn the 'F1+' short-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP Shares) issued by three municipal closed-end funds managed by BlackRock Advisors, LLC (the Funds) as listed below.

The VRDP Shares' long-term ratings of 'AA' are not affected, and no rating actions are being taken with respect to the long-term ratings.

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

$82,600,000 of VRDP Shares, Series W-7, final mandatory redemption on June 1, 2041, short-term rating of 'F1+' withdrawn.

BlackRock MuniYield Quality Fund III, Inc. (MYI)

$356,400,000 of VRDP Shares, Series W-7, final mandatory redemption on June 1, 2041, short-term rating of 'F1+' withdrawn.

BlackRock MuniYield New York Quality Fund, Inc. (MYN)

$247,700,000 of VRDP Shares, Series W-7, final mandatory redemption on May 1, 2041, short-term rating of 'F1+' withdrawn.

The ratings are withdrawn as they are no longer considered relevant to Fitch's coverage.

KEY RATING DRIVERS

Fitch is withdrawing the short-term ratings on the VRDP Shares following the commencement of a Special Rate Period (SRP) issued by the three Funds, as the ratings are no longer relevant to Fitch's coverage. During the SRP, The Toronto-Dominion Bank (TD Bank), acting through its New York branch, will be the liquidity provider to the VRDP Shares. However, during the SRP, the VRDP Shares will not be subject to optional or mandatory tender events and will not be remarketed by a remarketing agent pursuant to such events, so the short-term rating is therefore withdrawn.

The SRP will be in effect until June 21, 2023. The withdrawn short-term ratings of the VRDP Shares were directly linked to the short-term rating of TD Bank as the liquidity provider to the VRDP Shares.

FUTURE REMARKETINGS

At the conclusion of the SRPs on June 21, 2023, holder(s) of VRDP Shares and the Funds may mutually elect to extend the SRP. However, if the SRP is not extended, the VRDP Shares will revert to remarketable securities available for purchase by qualified third-party investors. At that point, the VRDP Shares are expected to benefit from an unconditional and irrevocable purchase obligation by a liquidity provider upon optional or mandatory tender events, similar to other Fitch-rated VRDP Shares issued by Blackrock closed-end funds.

If the SRP is not extended, Fitch would assign a short-term rating to the VRDP Shares based on the then-current short-term rating of the applicable liquidity provider.

FUND PROFILES

The Funds are closed-end funds regulated by the Investment Company Act of 1940. Each Fund invests a significant portion of its total net assets in municipal bond securities rated at least investment-grade. Each Fund also invests a significant portion of its total net assets in securities, the interest of which is exempt from both federal and applicable state income taxes.

INVESTMENT MANAGER

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 $9.6 trillion of assets under management as of March 31, 2022.

RATING SENSITIVITIES

Short-term rating sensitivities are no longer relevant given today's short-term rating withdrawals.

Best/Worst Case Rating Scenario

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579

SOURCES OF INFORMATION

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The withdrawn short-term ratings of the VRDP Shares were directly linked to the short-term rating of TD Bank as the liquidity provider to the VRDP Shares.

RATING ACTIONS

Entity / Debt

Rating

Prior

BlackRock MuniYield Quality Fund III, Inc.

09254E863

ST

WD

Withdrawn

F1+

BlackRock MuniYield New York Quality Fund, Inc.

09255E805

ST

WD

Withdrawn

F1+

BlackRock MuniYield Pennsylvania Quality Fund

09255G503

ST

WD

Withdrawn

F1+

Page

of 1

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK MUNIYIELD NEW YORK QUALITY FUND, INC. -0.92% 10.74 Delayed Quote.-23.07%
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND -1.22% 13.72 Delayed Quote.-17.03%
BLACKROCK MUNIYIELD QUALITY FUND III, INC. -1.55% 12.08 Delayed Quote.-17.21%
THE TORONTO-DOMINION BANK -0.45% 88.04 Delayed Quote.-8.78%
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Financials ()
Sales 2021 12,3 M - -
Net income 2021 16,0 M - -
Net Debt 2021 126 M - -
P/E ratio 2021 13,5x
Yield 2021 4,07%
Capitalization 185 M 185 M -
EV / Sales 2020 24,7x
EV / Sales 2021 27,8x
Nbr of Employees -
Free-Float 100%
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Number of Analysts 1
Last Close Price 13,89
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Managers and Directors
John M. Perlowski President, Chief Executive Officer & Trustee
Trent W. Walker Chief Financial Officer
Richard E. Cavanagh Co-Chairman
Karen P. Robards Co-Chairman
Charles C. S. Park Chief Compliance Officer