Fitch: Downgrades For Five FleetBoston Supported Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 18, 2002

Following rating downgrades for FleetBoston Financial and its banking subsidiaries, Fitch Ratings has downgraded the ratings on five bonds supported by letters-of-credit or liquidity facilities issued by Fleet National Bank. The affected bonds and their revised ratings are listed below. For additional information, see the Fitch Ratings press release dated July 15, 2002 and available at 'www.fitchratings.com'.

--Babylon Industrial Development Authority (NY) (Lambro Industries, Inc. Proj), var-rate seven day demand industrial devel rev bonds, ser 1999 (LOC: Fleet Bank, N.A.) 'A/F1';

--Brookhaven Industrial Development Agency (NY) (T.D.S. Realty, Inc./Island A.D.C. Inc., Facility), industrial devel rev bonds, ser 1999 (LOC: Fleet Bank, N.A.) 'A';

--California Pollution Control Financing Authority (CA) (Madera Disposal Systems, Inc. Proj), var-rate demand solid waste disposal rev bonds, ser 1998A (LOC: BankBoston, N.A.) 'A/F1';

--California Statewide Communities Development Authority (CA) (Lynwood Enterprises, LLC Proj), weekly adj/fixed-rate industrial devel rev bonds, ser 1997D (LOC: Fleet National Bank) 'A/F1';

--Massachusetts Municipal Wholesale Electric Co. (MA), pwr purchase CP notes, ser B (LOC: Fleet National Bank) 'F1'.