Fitch: Rtg Actions For 24 First Union/Wachovia Supported Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 8, 2001

Following rating adjustments for First Union National Bank and Wachovia Bank, Fitch, the international rating agency, revises its ratings on 24 issues supported by these banks.

The affected bonds, listed below, are also removed from Rating Watch. For additional information, see Fitch's press release dated Sept. 4, 2001.

--Baltimore County (MD) (Oak Crest Village, Inc. Proj) rev bonds
    series 1999A (LOC: First Union National Bank) 'A+/F1';

--Baltimore County (MD) (Oak Crest Village, Inc. Proj), rev bonds
    series 1999B (LOC: First Union National Bank) 'A+/F1';

--Bowie Assisted Living, LLC (MD), var-rate demand bonds series 1997
    (LOC: First Union National Bank) 'A+/F1';

--Collier County Health Facilities Authority (FL) (Moorings, Inc.
    Proj), health facils rev bonds series 2000 (LOC: First Union
    National Bank) 'A+/F1';

--Collier County Industrial Development Authority (FL) (Community
    Health Care, Inc. Obligated Group), health facils rev bonds series
    1999A (LOC: First Union National Bank) 'A+/F1';

--Collier County Industrial Development Authority (FL) (Community
    Health Care, Inc. Obligated Group), health facils rev bonds series
    1999B (LOC: First Union National Bank) 'A+/F1';

--Collier County Industrial Development Authority (FL) (Community
    Health Care, Inc. Obligated Group), health facils rev bonds series
    1999C (LOC: First Union National Bank) 'A+/F1';

--Dauphin County General Authority (PA) (Reading Hospital & Medical
    Center Proj), var-rate demand rev bonds series 1994A (LOC: First
    Union National Bank) 'A+/F1';

--Educational Facilities Authority for Private Nonprofit Institutions
    of Higher Learning (SC), var-rate demand bonds series 1996B
    (liquidity facility: Wachovia Bank, N.A.) 'F1';

--Florida Gulf Coast Foundation, Inc., COPs series 2000 (LOC: First
    Union National Bank) 'A+/F1';

--Florida Municipal Power Agency (FL) (Stanton II Project), var-rate
    demand rfdg rev bonds series 1997 (insured: Ambac) (liquidity
    facility: First Union National Bank) 'AAA/F1';

--Halifax County Industrial Development Authority (VA) (O'Sullivan
    Industries-Virginia, Inc. Proj), industrial devel rev rfdg bonds
    series 1998 (LOC: Wachovia Bank, N.A.) 'A+/F1';

--Maryland Health & Higher Educational Facilities Authority (MD)
    (Charlestown Community Issue), rev bonds series 1998A (LOC: First
    Union National Bank) 'A+/F1';

--Maryland Health & Higher Educational Facilities Authority (MD)
    (Charlestown Community Issue), rev bonds series 1998B (LOC: First
    Union National Bank) 'A+/F1';

--Norfolk Industrial Development Authority (VA) (Children's Hospital
    of the King's Daughters, Inc. Proj), health facils rev & rfdg
    bonds series 1999 (LOC: Wachovia Bank, N.A.) 'A+/F1';

--Oakland-Alameda County Coliseum Authority (CA) (Oakland Coliseum
    Proj), lease rev rfdg bonds series 2000D (LOC: First Union
    National Bank) 'A+/F1';

--Orange County Special Financing Authority (CA), Teeter Plan rev
    bonds series 1995A (insured: Ambac) (liquidity facility: First
    Union National Bank) 'AAA/F1';

--Orange County Special Financing Authority (CA), Teeter Plan rev
    bonds series 1995B (insured: Ambac) (liquidity facility: First
    Union National Bank) 'AAA/F1';

--Orange County Special Financing Authority (CA), Teeter Plan rev
    bonds series 1995C (insured: Ambac) (liquidity facility: First
    Union National Bank) 'AAA/F1';

--Orange County Special Financing Authority (CA),Teeter Plan rev bonds
    series 1995D (insured: Ambac) (liquidity facility: First Union
    National Bank) 'AAA/F1';

--Orange County Special Financing Authority (CA),Teeter Plan rev bonds
    series 1995E (insured: Ambac) (liquidity facility: First Union
    National Bank) 'AAA/F1';

--Tampa (FL) (Tampa Preparatory School, Inc. Proj), var-rate demand
    rev bonds series 2000 (LOC: Wachovia Bank, N.A.) 'A+/F1';

--University of North Carolina System Board of Governors (NC)
    (Centennial Campus Projs), var-rate rev bonds series 1999A
    (insured: FSA insured) (liquidity facility: First Union National
    Bank) 'AAA/F1';

--University of North Florida Foundation, Inc. (FL), capital improv
    rev bonds series 2000 (LOC: First Union National Bank) 'A+/F1'.