Fitch: Downgrades for 20 Credit Suisse & JP Morgan Chase Supported Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 20, 2002

Following rating downgrades for Credit Suisse First Boston and JP Morgan Chase, Fitch Ratings, the international rating agency, downgrades its ratings on 20 issues supported by these banks or their subsidiaries. The affected bonds and their ratings are listed below. For additional information, see Fitch's press release dated May 17, 2002.

-- Harris County Health Facilities Development Corp. (TX) (St. Dominic Village
Project) adjustable-rate demand revenue bonds series 2000 (LOC: Chase Manhattan
Bank) 'AA-/F1+';

-- Houston Higher Education Finance Corp. (TX) (Houston Baptist University
Project) higher education revenue & refunding bonds series 2000 (LOC: Chase
Bank of Texas, N.A.) 'AA-/F1+';

-- Jay Street Development Corp. (NY) (NYC - Jay Street Project) adjustable-rate
court facilities lease revenue bonds series fiscal 2001A-1 (LOC: Morgan
Guaranty Trust Co. of NY) 'AA-/F1+';

-- Long Island Power Authority (NY) electric system subordinate revenue bonds
series 3A (LOC: Morgan Guaranty Trust Co. of NY) 'AA-/F1+';

-- Monroe County Industrial Development Agency (NY) (Eldre Corporation Project)
variable-rate demand industrial development revenue bonds series 2000 (LOC: The
Chase Manhattan Bank) 'AA-/F1+';

-- Monroe County Industrial Development Agency (NY) (Hover-Davis, Inc.)
variable-rate demand industrial development revenue bonds, series 2000 (LOC:
Chase Manhattan Bank) 'AA-/F1+';

-- Municipal Electric Authority of Georgia (MEAG) gen resolution projects
subordinate bonds series 1985A & 1987A (LOC: Credit Suisse First Boston, NY,
Morgan Guaranty Trust Co. of New York, & Bayerische Landesbank Gironzentrale,
NY) 'AA-/F1+';

-- Municipal Electric Authority of Georgia (MEAG) project 1 subordinate bonds
series 1995 A & B (LOC: Credit Suisse First Boston, NY, Morgan Guaranty Trust
Co. of New York, & Bayerische Landesbank Gironzentrale, NY) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1995B & B-9 (LOC: Chase Manhattan Bank N.A.) 'AA-/F1+';

-- New York City Industrial Development Agency (NY) (S.W.A.K., Inc. Project)
industrial development revenue bonds series 2000 (LOC: Chase Manhattan Bank)
'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1994A-7 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1994E & E-2 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1994E & E-5 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1995 & F-3 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1995F & F-6 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City (NY) adjustable-rate general obligation bonds series fiscal
1996 & J-3 (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- New York City Health & Hospitals Corp. (NY) health system bonds series 1997A
(LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- Orlando (FL) (Republic Drive Interchange Project) special assessment revenue
bonds series 1997A (LOC: Morgan Guaranty Trust Co. of New York) 'AA-/F1+';

-- San Jose Financing Authority (CA) (Civic Center - Phase I) variable-rate
lease revenue bonds series 2000A (LOC: Morgan Guaranty Trust Co., of NY)
'AA-/F1+';

-- West Memphis (AR) (S-B Power Tool Project) industrial development revenue
bonds (taxable) series 2000A (LOC: Chase Manhattan Bank) 'AA-/F1+'.