Fitch Places 26 First Union Supp Issues On Rating Watch Negative.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 6, 2000

Following its placement of First Union National Bank's long term rating of `A+' and short term rating of `F1+' on Rating Watch Negative, Fitch, the international rating agency, places 26 issues supported by First Union National Bank letters-of-credit or liquidity facilities on Rating Watch Negative. The affected bonds are listed below. For additional information, see Fitch's press release dated June 29, 2000.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.

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

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

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

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

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

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

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

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

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

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

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

--Nassau County (NY) rev antic notes ser 2000A (LOC: First Union
National Bank), `F1+';

--Nassau County (NY) rev antic notes ser 2000C (LOC: First Union
National Bank), `F1+';

--Nassau County (NY) tax antic notes ser 1999A (LOC: First Union
National Bank), `F1+';

--Nassau County (NY) tax antic notes ser 1999B (LOC: First Union
National Bank), `F1+';

--Nassau County (NY) tax antic notes ser 1999C (LOC: First Union
National Bank), `F1+';

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

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

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

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

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

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

--Philadelphia School District (PA) 1998-1999 TRANs ser A (LOC:
First Union National Bank), `F1+';

--Philadelphia School District (PA) 1999-2000 TRANs ser A (LOC:
First Union National Bank), `F1+';

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

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