Fitch Affirms PIMCO Floating Rate Income Fund's Pfd Shares Rtgs.

NEW YORK -- Fitch Ratings affirms the ratings on the following PIMCO Floating Rate Income Fund preferred shares at 'AAA':

-- Auction rate preferred shares 2,800 shares series T;

-- Auction rate preferred shares 2,800 shares series W;

-- Auction rate preferred shares 2,800 shares series TH.

The affirmation is based on the fund's consistent compliance with asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager.

The PIMCO Floating Rate Income Fund is a closed-end management investment company, which invests primarily in floating rate debt instruments with a substantial portion of its investments consisting of senior loans. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's value through the issuance of preferred shares and debt. The fund's current outstanding preferred share issuance equates to roughly 38% of its net asset value and the fund has no outstanding debt.

Pacific Investment Management Company LLC (PIMCO) serves as the Fund's sub-adviser responsible for managing the Fund's portfolio investments. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to mutual funds. As of June 30, 2004, PIMCO had approximately $392 billion in assets under management.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'.