Approximately $5.4 billion of VRDP Shares affected
New York, June 22, 2012 -- Moody's Investors Service has downgraded the short-term ratings
of Variable Rate Demand Preferred (VRDP) Shares/Series issued by 38 closed-end
funds whose short term ratings are based on Liquidity Purchase Agreements
provided by Bank of America, N.A., Citibank,
N.A. and Morgan Stanley Bank, N.A to P-2.
The various funds, listed below, are managed by BlackRock
Advisors, LLC, the investment adviser to each BlackRock fund
and Nuveen Investment Management. These rating actions follow Moody's
rating actions taken on June 21, 2012 on the short-term ratings
of the Liquidity Purchase Agreement providers. Please use the following
link to access Moody's announcement of these rating actions.
Link to press release dated June 21, 2012 announcing downgrades
of banks and securities firms with global capital markets operations:
http://www.moodys.com/research/Moodys-downgrades-firms-with-global-capital-markets-operations--PR_248989
Today's rating actions conclude reviews initiated on February 16,
2012. The original review covered 39 funds. The change in
number of funds from the review reflects fund mergers since that date.
Moody's notes that the long-term ratings assigned to these VRDP
shares are not affected by these reviews.
A detailed listings of the transactions affected by these reviews,
which is an integral part of this press release, can be accessed
on Moody's website using the following link:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF289987
Fund Name, VRDP Amount, Liquidity Provider
BlackRock MuniYield California Quality Fund, Inc. $166,500,000
Citibank, N.A
BlackRock MuniYield Michigan Quality Fund, Inc. $144,600,000
Citibank, N.A.
BlackRock MuniYield New Jersey Fund, Inc. $102,200,000
Citibank, N.A.
BlackRock MuniYield New York Quality Fund, Inc. $247,700,000
Citibank, N.A.
BlackRock MuniEnhanced Fund, Inc. $142,500,000
Citibank, N.A.
BlackRock MuniYield Arizona Fund, Inc. $37,300,000
Citibank, N.A.
BlackRock MuniYield California Fund, Inc. $105,900,000
Citibank, N.A.
BlackRock MuniYield Investment Fund $59,400,000 Citibank,
N.A.
BlackRock MuniYield Michigan Quality Fund II, Inc. $87,300,000
Citibank, N.A.
BlackRock MuniYield Pennsylvania Quality Fund $66,300,000
Citibank, N.A.
BlackRock MuniYield Quality Fund III, Inc. $356,400,000
Citibank, N.A.
BlackRock MuniHoldings Investment Quality Fund $274,600,000
Bank of America, N.A.
BlackRock MuniHoldings New Jersey Quality Fund, Inc. $172,700,000
Bank of America, N.A.
BlackRock MuniHoldings New York Quality Fund, Inc. $243,600,000
Bank of America, N.A.
BlackRock MuniYield Fund, Inc. $251,400,000
Bank of America, N.A.
BlackRock MuniYield New Jersey Quality Fund, Inc. $64,400,000
Bank of America, N.A.
BlackRock Muni New York Intermediate Duration Fund, Inc.
$29,600,000 Morgan Stanley Bank, N.A.
BlackRock Municipal Bond Investment Trust $17,800,000
Morgan Stanley Bank, N.A.
BlackRock Municipal Income Investment Trust $34,200,000
Morgan Stanley Bank, N.A.
BlackRock MuniYield Quality Fund, Inc. $176,600,000
Morgan Stanley Bank, N.A.
BlackRock New York Municipal Bond Trust $22,100,000
Morgan Stanley Bank, N.A.
BlackRock New York Municipal Income Quality Trust $40,500,000
Morgan Stanley Bank, N.A.
BlackRock New York Municipal Income Trust II $44,400,000
Morgan Stanley Bank, N.A.
Nuveen NY Quality Income Municipal Fund $161,700,000
Citibank, N.A.
Nuveen Premier Municipal Opportunity Fund $130,900,000
Citibank, N.A.
Nuveen CA Investment Quality Municipal Fund $95,600,000
Citibank, N.A.
Nuveen CA Performance Plus Municipal Fund $81,000,000
Citibank, N.A.
Nuveen Municipal Opportunity Fund $667,200,000 Citibank,
N.A.
Nuveen NJ Investment Quality Muni Fund $144,300,000
Citibank, N.A.
Nuveen NJ Premium Income Muni Fund $88,600,000 Citibank,
N.A.
Nuveen PA Investment Quality Muni Fund $112,500,000
Citibank, N.A.
Nuveen PA Premium Income Muni Fund 2 $100,000,000 Citibank,
N.A.
Nuveen CA Quality Income Muni Fund $158,100,000 Citibank,
N.A.
Nuveen CA Select Quality Muni Fund $158,900,000 Citibank,
N.A.
Nuveen NY Investment Quality Muni Fund $112,300,000
Citibank, N.A.
Nuveen NY Select Quality Muni Fund $164,800,000 Citibank,
N.A.
Nuveen CA Dividend Advantage Muni Fund $136,200,000
Morgan Stanley Bank, N.A.
Nuveen California AMT-Free Municipal Income Fund
-Series 4 $74,000,000 Citibank, N.A.
-Series 5 $104,400,000 Morgan Stanley Bank,
N.A.
RATINGS RATIONALE
The principal methodology used in the short term rating assignments was
Variable Rate Instruments Supported by Third-Party Liquidity Providers
published in November 2006. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.
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