Agree that the B has some meaning, but it doesn't have to have meaning to you. There is often some form of logic to the designer, many times it will elude the installer. B, fore example, could stand for basement, or the second floor, or the second system, building 2 or "B" etc. X could be nothing more than this engineer's standard designator for a lighting panel, or it could be a life safety panel. With a full set of plans it is sometimes possible to guess, but usually unnecessary unless you are planning on adding or redesigning.