Fitch Affirms Eaton Vance Floating Rate Income Trust's Preferred Shares 'AAA'

NEW YORK--(BUSINESS WIRE)--Fitch affirms 'AAA' rating assigned to the auction preferred shares ("APS") series A, B, C, D and E issued by Eaton Vance Floating Rate Income Trust (the "Trust") in the total amount of $145,000,000. The rating affirmation follows redemption of certain shares of the above mentioned series in the total amount of $290,000,000. The 'AAA' rating denotes expectations of very low credit risk.

The Trust intends to change its primary method of leverage from APS to a combination of debt and APS. A proportionate amount of each series of the Trust's APS is expected to be redeemed at the next dividend payable date on or after May 1, 2008.

Eaton Vance Floating Rate Income Trust is a diversified, closed-end management investment company organized as a Massachusetts business trust on March 12, 2003, whose common shares are traded on the NYSE under the symbol "EFT." As of March 31, 2008 the Trust had approximately $996 million in assets under management.

The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. The Trust will seek to achieve its investment objectives by investing primarily in senior, secured floating rate loans ("Senior Loans"). Under normal market conditions, the Trust will invest at least 80% of its total assets in Senior Loans.

The affirmed rating is based on the strength of the Trust's underlying portfolio that provides preferred stock liquidation coverage as well as the quality and experience of the Trust's investment manager. At the time of the rating, the Trust's pro-forma APS coverage ratios that take the above named redemption into effect, calculated in accordance with the requirements of the 1940 Act as amended and the Fitch coverage ratio satisfied regulatory requirements mandating an asset coverage ratio of at least 200% as well as Fitch's minimum coverage ratio requirements of at least 100%.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV). Eaton Vance and its affiliates had $152.9 billion in assets under management as of January 31, 2008.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York
Viktoria Baklanova, CFA, 212-908-9162
Yuriy Layvand, CPA, 212-908-9191
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