New York, November 29, 2012 -- Moody's Investors Service has upgraded to P-1 from P-2 the short-term ratings of Variable Rate Demand Preferred (VRDP) shares issued by three national and four state-specific closed-end funds managed by BlackRock Advisors, LLC, in connection with the replacement of their Liquidity Provider. Barclays Bank PLC, rated P-1/A-2, stable, will enter into VRDP Purchase Agreements to provide liquidity support to the VRDP shares, replacing Morgan Stanley Bank (P-2/A-3, stable), effective November 29, 2012. The VRDP shares' short-term ratings are based on the strength of the liquidity support provided by the VRDP Liquidity Provider. Moody's also affirmed the long-term ratings of the VRDP shares, which remain at Aa1 and Aa2 for the national and state-specific funds respectively. The long-term ratings are based on each fund's risk adjusted leverage, portfolio profile and fixed charge coverage, combined with an assessment of the VRDP shares' relative priority of claim.

The seven funds, each managed by BlackRock Advisors, LLC, and the corresponding VRDP shares are listed below:

National Municipal Funds:

o BlackRock Municipal Bond Investment Trust (BIE) 178 shares @$100,000 per share for $17.8 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa1

o BlackRock Municipal Income Investment Trust (BBF) 342 shares @$100,000 per share for $34.2 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa1

o BlackRock Muniyield Quality Fund, Inc. (MQY) 1,766 shares @$100,000 for $176.6 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa1

State-Specific Municipal Funds:

o BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) 296 shares @$100,000 per share for $29.6 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa2

o BlackRock New York Municipal Bond Trust (BQH) 221 shares @$100,000 for $22.1 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa2

o BlackRock New York Municipal Income Quality Trust (BSE) 405 shares @$100,000 for $40.5 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa2

o BlackRock New York Municipal Income Trust II (BFY) 444 shares @$100,000 for $44.4 million Variable Rate Demand Preferred Shares Series W-7 (VRDP) mandatory redemption 10/1/2041/Barclays Bank PLC backed liquidity, Upgraded P-1/Affirmed Aa2

RATINGS RATIONALE Short-Term Ratings Summary The short-term ratings are based upon the terms of the VRDP Shares Purchase Agreements entered into by Barclays Bank PLC, as Liquidity Provider, and The Bank of New York Mellon, as Tender and Paying Agent, which supports VRDP holders' ability to tender their shares with an unconditional commitment from Barclays to purchase unsuccessfully remarketed shares as the Liquidity Provider.

Credit Discussion

The Liquidity Provider agrees to purchase any rated shares that have been tendered for and not successfully remarketed on the 7th day after notice of tender. The VRDP Purchase Agreements have no automatic termination events or conditions precedent to funding, making it an unconditional agreement to purchase un-remarketed shares. The Prime-1 rating will expire upon the termination of the VRDP Purchase Agreements which are scheduled to terminate as of December 4, 2014, although the funds may request, not more than one hundred twenty (120) days nor less than ninety (90) days prior to this date that the Liquidity Provider extend the term of its VRDP Purchase Agreement for an additional period of up to 364 days, or longer if mutually agreed.

VRDP shareholders have the option to tender their VRDP shares for remarketing and purchase seven business days after providing notice to the tender and paying agent. If the remarketing agent is unable to sell any or all of the tendered shares submitted by VRDP shareholders pursuant to either a mandatory tender event or an optional tender, the tender and paying agent will deliver all unsold VRDP shares to the Liquidity Provider for purchase on such purchase date.

In addition to optional tenders, the VRDP Purchase Agreements include mandatory purchase events to address "roll over" risk and any unscheduled termination of the VRDP Purchase Agreements. Additionally, VRDP shares are subject to mandatory tender for remarketing upon the occurrence of mandatory tender events, which include: (a) failure of the fund to pay scheduled dividends; (b) downgrade of the Liquidity Provider rating to a certain level; (c) failure of the fund to remit fees to the Liquidity Provider for services rendered (if declared a mandatory tender event by the Liquidity Provider); (d) occurrence of an extraordinary corporate event; (e) substitution of the Liquidity Provider; (f) designation of a special rate period, and (g) breach of an effective leverage covenant continued for 60-days (if declared a mandatory tender event by the Liquidity Provider).

The Liquidity Provider has a mandatory purchase obligation with respect to all outstanding VRDP shares upon termination of a VRDP Purchase Agreement and to the extent that an alternate VRDP Purchase Agreement is not put in place. The occurrence of any mandatory purchase events would begin a process whereby all VRDP shareholders would be notified of a mandatory purchase event and their VRDP shares subject to purchase by the Liquidity Provider.

To mitigate the risk of a short-fall at maturity, the funds are also required to segregate securities starting five months prior to redemption, with a value equal to at least 110% of the redemption amounts.

Long-Term Ratings Credit Discussion

National Municipal Funds

BIE, BBF, and MQY, with gross assets of $92.7 million, $174.6 million, and $811.0 million, respectively as of October 31, 2012, are modestly levered with effective leverage of 39%, 39%, and 36%, respectively, including tender option bonds.

The Aa1 ratings are based on each of the funds' strong coverage ratios, using municipal advance rates applied to all portfolio assets, combined with low risk of breaching the coverage ratio imposed by the Investment Company Act of 1940 (40 Act). Moody's risk adjusted coverage ratios, based on advance rates applied to portfolio securities including tender option bonds, stood at 163%, 163%, and 174% for BIE, BBF, and MQY, respectively of the Aaa standard for this metric. This, combined with the low probability of breaching the funds' 40 Act regulatory coverage, contributes to the funds' strong adjusted leverage profile. The leverage profile is reinforced by each fund's commitment to maintain an effective leverage ratio at or below 45%.

The funds' portfolio profiles, which capture the credit quality and liquidity of the funds' holdings, reflects the strong credit quality of each fund's municipal holdings, that are well diversified nationally, across various general obligation, tax obligation, revenue bonds, pre-refunded bonds, as well as other security types. The long-term ratings of the national municipal fund VRDP shares are further supported by very high quality 10 times-to-11 times fixed charge coverage ratios, calculated on a trailing one year basis, and 9 times-to-11 times fixed charge coverage ratios, calculated on a trailing five year basis, evidencing the funds' excellent capacity to meet periodic dividend payments and recurring earnings.

The ratings also reflect a one notch downward adjustment to reflect the weaker position of investors holding preferred stock relative to senior unsecured debt obligations.

New York State-Specific Municipal Funds

MNE, BQH, BSE, and BFY with assets of $101.7 million, $75.4 million, $161.1 million and $127.7 million respectively, as of October 31, 2012, are modestly levered effective leverage of 35%, 39%, 38%, and 35%, respectively, including tender option bonds.

The Aa2 ratings are based on each of the funds' strong coverage ratios, using municipal advance rates applied to all portfolio assets, combined with low risk of breaching the coverage ratio imposed by the40 Act, as well as the State of New York's (Aa2, Stable) rating. Moody's risk adjusted coverage ratios, based on advance rates applied to portfolio securities including tender option bonds, stood at 168%, 152%, 158%, and 165% for MNE, BQH, BSE, and BFY, respectively of the Aaa standard for this metric. This, combined with the low probability of breaching the funds' 40 Act regulatory coverage, contributes to the funds' strong adjusted leverage profile. The leverage profile is reinforced by the fund's commitment to maintain a leverage ratio at or below 45%, lower than the 40 Act limit of 50%.

The funds' portfolio profiles, which capture the credit quality and liquidity of the funds' holdings, reflects the strong credit quality of each fund's municipal holdings, that are well diversified nationally, across various general obligation, tax obligation, revenue bonds, pre-refunded bonds, as well as other security types. This is offset by lower liquidity metrics, due to the funds' single-state focus and industry and sector concentrations, which could be exacerbated in any future municipal market downturn.

The long-term ratings of the national municipal fund VRDP shares are further supported by high quality 5 times-to-6 times fixed charge coverage ratios, calculated on a trailing one year basis, and 5 times-to-10 times fixed charge coverage ratios, calculated on a trailing five year basis, evidencing the funds' strong capacity to meet periodic dividend payments and recurring earnings.

The ratings also reflect a one notch downward adjustment to reflect the weaker position of investors holding preferred stock relative to senior unsecured debt obligations.

The principal methodology used in this rating was "Moody's Methodology for Rating Securities Issued by U.S. Closed-End Funds" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Neal M Epstein VP - Senior Credit Officer Financial Institutions Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Yaron Ernst MD - Managed Investments Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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