Correct: Fitch Dwngr FleetBoston Financial's L-T Rtg to 'A'.

Business Editors

(This is an amended version of a press release issued earlier today including updated rating information on Fleet Bank (Rhode Island) NA).

Today, Fitch Ratings has downgraded the Long-Term rating on FleetBoston Financial (FBF) to 'A' from 'A+' and has revised

the Rating Outlook to Stable from Negative. Fitch Ratings has also lowered the Short-Term ratings of the bank subsidiaries to 'F1' from 'F1+'. While our rating actions take into account the significant losses FBF reported for 2Q02, we are considering the probability of further pressure related to Argentina and Brazil, the potential for further deterioration in the Principal Investing portfolio, as well as continued asset quality weakness in the corporate loan book. See below for a complete list of FBF's ratings.

The losses noted for 2Q02, related to the special charges for Argentina, Brazil, the domestic loan book and the closing of its investment banking subsidiary Robertson Stephens were within the realm of what we expected when FBF's Rating Outlook was revised to Negative. However, considering the difficult operating environment in the US and Latin America, as well as the troubled US equity markets, we believe there exists reasonable probability of additional charges related to the businesses noted earlier. With that said, we believe that FBF still has substantial capacity in terms of reserves, capital, liquidity and core earnings to absorb considerable additional losses and remain sound. However, it is Fitch's view that the 2Q02 losses combined with the prospect of further pressure on remaining businesses in the future weakens FBF's overall financial profile to a point in which it better reflects that of an 'A' rated institution.

Going forward, as FBF wades through the downsizing of most of its more volatile businesses, the company should have a lower risk profile and more predictable earnings performance. The restructured company will be more traditional in nature with a strong retail deposit franchise in the Northeast and a solid middle market commercial banking business, as well as an expanded asset management business. These business lines have performed reasonably well under stress and should be poised for better results as the economy starts to improve.

Ratings Downgraded

FleetBoston Financial Corp:

--Senior long-term to 'A' from 'A+';

--Subordinated debt to 'A-' from 'A';

--Preferred Stock to 'A-' from 'A'.

Fleet National Bank:

--Long-term deposits to 'A+' from 'AA-';

--Short-term deposits to 'F1' from 'F1+';

--Senior long-term to 'A' from 'A+';

--Senior short-term to 'F1' from 'F1+';

--Subordinated to 'A-' from 'A'.

Fleet Bank (Rhode Island) NA:

--Long-term deposits to 'A+' from 'AA-';

--Short-term deposits to 'F1' from 'F1+';

--Senior long-term to 'A' from 'A+';

Fleet Capital Trust I-VIII

BankBoston Capital Trust I-IV

Summit Capital Trust I

--Preferred Stock to 'A-' from 'A'.

Ratings Affirmed

Fleet Bank (Rhode Island) NA:

--Senior short-term 'F1'.

FleetBoston Financial Corp:

--Senior short-term 'F1';

--Individual rating 'B';

--Support rating '5'.

Fleet National Bank:

--Individual rating 'B';

--Support rating '4'.