Fitch Affs St. Paul's 'A-' Rtg, Off Rtg Watch Neg, Outlk Neg.

Business Editors

CHICAGO--(BUSINESS WIRE)--July 31, 2002

Fitch Ratings has affirmed its ratings on The St. Paul Companies, Inc., (SPC) and removed the ratings from Rating Watch Negative. The Rating Outlook is Negative.

Fitch's rating action follows the completion of

These ratings were initiated by Fitch as a service to users of Fitch ratings. The ratings are based primarily on publicly available information.

Ratings Affirmed:

Entity/Type/Action/Rating/Outlook

The St. Paul Companies, Inc.

--Long-term rating Affirm 'A-'/Negative;

--7.13% senior notes Due 2005 Affirm 'A-'/Negative;

--7.88% senior notes Due 2005 Affirm 'A-'/Negative;

--5.75% Senior Notes Due 2007 Affirm 'A-'/Negative;

--8.13% Senior Notes Due 2010 Affirm 'A-'/Negative;

--$800MM Commercial paper Affirm 'F2'.

St. Paul Capital Trust I

--7.6% Trust preferred securities Affirm 'BBB+'/Negative.

MMI Capital Trust I

--7.625% Trust preferred sec. Affirm 'BBB+'/Negative.

USF&G Capital Trust I

--8.5% Trust preferred securities Affirm 'BBB+'/Negative.

USF&G Capital Trust II

--8.47% Trust preferred securities Affirm 'BBB+'/Negative.

USF&G Capital Trust III

--8.312% Trust preferred sec. Affirm 'BBB+'/Negative.