Fitch: Positive Rtg Watch for 20 First Union Supported Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--August 9, 2001

Following the revision of the Rating Watch status of First Union National Bank's long-term and short-term ratings to Positive from Evolving, Fitch, the international rating agency, revises to Positive the Rating Watch status of 20 issues supported by First Union National Bank letters-of-credit or liquidity facilities. The affected bonds are listed below.

For additional information, see Fitch's press release dated Aug. 7, 2001.

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

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

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

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

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

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

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

-- Dauphin County General Authority (PA) (Reading Hospital & Medical Center
Project), variable-rate demand revenue bonds series 1994A (LOC: First Union
National Bank) '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), variable-rate
demand refunding revenue bonds series 1997 (insured: Ambac) (liquidity
facility: First Union National Bank) 'AAA/F1' (short-term rating only);

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

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

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


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

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

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

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

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

-- University of North Carolina System Board of Governors (NC) (Centennial
Campus Projects), variable-rate revenue bonds series 1999A (insured: FSA
insured) (liquidity facility: First Union National Bank) 'AAA/F1' (short-term
rating only);

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