Fitch Ratings Upgrs L-T Rtgs of BankUnited Financial Corporation.

Business Editors

Fitch Ratings has upgraded the long-term ratings of BankUnited Financial Corporation (BU) and has assigned ratings to its subsidiary, BankUnited FSB. The Rating Outlook is Stable. A list of ratings is provided at the end of this release.

BU is a unitary savings and loan holding company headquartered in Coral Gables, Florida whose primary subsidiary is BankUnited, FSB. With consolidated assets of $5.6 billion as of March 31, 2002, BU continues to make progress toward its strategic initiatives. Prompted by market conditions, which adversely impacted performance in 1998, management shifted its retail strategy from operating as a wholesale thrift to originating loans. Additionally, the company has made progress along various other fronts including business development, profitability and core funding generation. Profitability has improved in recent years and is characterized by asset growth, improving margins, expense management and modest increases in fee income. BU posted return on average assets of 0.42% and 0.55% for 2001 and the first half of 2002. Asset quality measures are good, and also reflective of an asset base dominated in lower risk residential loans. Recent levels of nonperforming assets (NPAs) and net losses have risen reflecting growth and some deterioration in the portfolio, but are still considered very manageable. NPAs represent 0.57% of total assets and net charge-offs represent 0.18% of average loans. The bank exceeds well-capitalized thresholds as designated by regulatory authorities, and on a risk-based basis, ratios rank at the high-end with Tier 1 and Total RBC ratios at 15.7% and 16.3%. BU's risk based capital levels benefit from a sizeable component of trust preferred securities, which consequently result in high leverage at the parent. This has improved in recent periods. The rating upgrade takes into account these factors.

Ratings Upgraded:

BankUnited Financial Corporation
--Long-term senior to 'BB+' from 'BB'.

BankUnited Capital and BankUnited Capital II and III
--Preferred stock to 'BB' from 'BB-'.

Ratings Affirmed

BankUnited Financial Corporation
--Short-term senior 'B'
--Individual 'C';
--Support '5'.

Ratings Assigned

BankUnited FSB
--Short-term senior 'B';
--Short-term deposits 'B';
--Long-term senior 'BB+';
--Long-term deposits 'BBB-';
--Individual 'C';
--Support '5'.

Rating Outlook 'Stable'