[0] Fitch Affs FleetBoston's Rtgs Following Acquisition of Summit Bancorp.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 2, 2000

Fitch, the international rating agency, affirms its ratings of FleetBoston Financial (`A+' senior unsecured) following the announcement of its proposed acquisition of Summit Bancorp., a $39 billion regional bank holding company based in New Jersey (see below for complete list of affirmed ratings). The merger is expected to close in early calendar year 2001, and will be financed through an exchange of stock and accounted for as a pooling of interests. The Rating Outlook remains Stable.

Fitch considers the acquisition of Summit a good strategic fit, complementing FleetBoston's existing MidAtlantic branch network, and offering financial benefits through cost savings and balance sheet restructuring. The Summit banking franchise is very traditional, largely based in its branch network, serving both consumer and commercial clients. Its most notable features are its dominant market position in New Jersey and strong core deposit base, both of which complement FleetBoston's existing presence in the Garden State. Following the initial impact of an estimated $700 million pre-tax restructuring charge to cover branch closings, administrative consolidations, as well as the recognition of losses through the disposition of select, lower yielding, residential mortgages and investment securities, the financial performance and profile of FleetBoston is expected to reflect the benefits of the resultant cost savings and balance sheet restructuring. In particular, under the pooling of interests accounting treatment accorded to this proposed merger, capital will be particularly robust and above typical operating target levels.

Aside from this merger, FleetBoston continues to perform strongly, maintaining the momentum from its own 1999 merger of the former Fleet Financial Group with BancBoston Corp. Strongly positioned as New England's largest bank, with dominant positions across most product categories, FleetBoston also has a number of national business lines including credit cards, mortgage banking, commercial finance and leasing. FleetBoston is also well positioned in a number of high growth market sectors including discount brokerage, investment banking, and venture capital, the latter two having propelled revenues and profitability to robust levels in recent periods.

Fitch does not believe the acquisition of Summit presents any unusual financial or integration risks. In this regard, the strong credit profile of FleetBoston, as reflected in its financial condition and product and market depth and breadth, remain intact and consistent with its rating category peers.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.

FleetBoston Financial Corp. and Units Affirmed:

-- FleetBoston Financial Corp: Senior long-term `A+'; Subordinated debt `A';
Short-term debt and commercial paper `F1'; Individual rating `B', Support
rating `5'.

-- Fleet Mortgage Corp.: Senior long-term `A+'; Short-term `F1'.

-- Fleet Credit Card LLC: Senior long-term `A+'.

-- Fleet Capital Trust: Preferred stock `A'.

-- Fleet National Bank: Uninsured deposits long-term `AA-` and short-term
`F1+'; Senior long-term `A+', Senior short- term `F1+'; Subordinated `A';
Individual rating `B', Support rating `4'.

-- Fleet Bank N.A.: Uninsured deposits long-term `AA-` and short-term `F1+';
Senior long-term `A+', Senior short-term `F1+'; Subordinated `A'; Individual
rating `B', Support rating `4'.

-- Fleet Bank N.H.: Uninsured deposits long-term `AA-` and short-term `F1+';
Senior long-term `A+', Senior short-term `F1+'; Subordinated `A'; Individual
rating `B', Support rating `4'.

-- Fleet Bank of Maine: Uninsured deposits long-term `AA-` and short-term
`F1+'; Senior long-term `A+', Senior short- term `F1+'; Subordinated `A';
Individual rating `B', Support rating `4'.