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Preferred Shares Issued by 2 BlackRock Closed-End Funds Paid In Full

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  Published in Business and Finance on Friday, January 28th 2011 at 14:55 GMT by Market Wire
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NEW DELHI & SYDNEY & SINGAPORE--([ BUSINESS WIRE ])--The auction rate preferred shares (ARPS) issued by BlackRock Credit Allocation Income Trust II, Inc. (NYSE:PSY) and BlackRock Credit Allocation Income Trust IV (NYSE:BTZ), two closed-end funds managed by BlackRock Investments, LLC, are paid in full following the at-par redemption of all outstanding shares. Share class information and the dates of repayment of the ARPS are as follows:

PSY, $169 million aggregate principal amount of ARPS:

--Series M-7, 861 shares, rated 'AAA', redeemed on Jan. 4, 2011;

--Series T-7, 861 shares, rated 'AAA', redeemed on Jan. 5, 2011;

--Series W-7, 861 shares, rated 'AAA', redeemed on Jan. 6, 2011;

--Series TH-7, 861 shares, rated 'AAA', redeemed on Jan. 7, 2011;

--Series F-7, 861 shares, rated 'AAA', redeemed on Jan. 10, 2011;

--Series W-28, 1228 shares, rated 'AAA', redeemed on Jan. 13, 2011;

--Series TH-28, 1228 shares, rated 'AAA', redeemed on Jan. 28, 2011.

BTZ, $231 million aggregate principal amount ARPS:

--Series T-7, 2,310 shares, rated 'AAA', redeemed on Jan. 5, 2011;

--Series W-7, 2,310 shares, rated 'AAA', redeemed on Jan. 6, 2011;

--Series R-7, 2,310 shares, rated 'AAA', redeemed on Jan. 7, 2011;

--Series F-7, 2,310 shares, rated 'AAA', redeemed on Jan. 10, 2011.

The redemption of outstanding ARPS took place as a result of the funds refinancing leverage.

BlackRock Investments, LLC is the funds' investment adviser, responsible for the funds' overall investment strategy and implementation. BlackRock Investments, LLC is a wholly owned subsidiary of BlackRock, which had approximately $3.45 trillion of assets under management as of Sept. 30, 2010.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--'Closed-End Fund Debt and Preferred Stock Rating Criteria', dated Aug. 17, 2009.

--'Fitch Launches 'CEF Updates' for Closed-End Funds', dated Nov. 8, 2010;

--'Closed-End Funds: Evolving Use of Leverage and Derivatives' dated Sept. 27, 2010;

--'Closed-End Funds: Redemptions Provide Some Liquidity to Illiquid ARPS Market', dated Aug. 31, 2010;

--'Closed-End Funds: Fitch Clarifies Criteria for Make-Whole Amounts and Other Prepayment Obligations', dated March 18, 2010.

Applicable Criteria and Related Research:

Closed-End Funds: Redemptions Provide Some Liquidity to Illiquid ARPS Market

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=552106 ]

Closed-End Funds: Fitch Clarifies Criteria for Make-Whole Amounts and Other Prepayment Obligations

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=504986 ]

Closed-End Fund Debt and Preferred Stock Rating Criteria

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=462492 ]

Closed-End Funds: Evolving Use of Leverage and Derivatives

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=559525 ]

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING 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.