Dean Witter Reynolds downgraded three more banks Wednesday, as rising interest rates and the improving economy continued to take their toll on bank ratings. Analyst Anthony R. Davis downgraded First Union Corp., PNC Bank Corp., and Central Fidelity Banks Inc. to "neutral" from "accumulate."

He had cut his rating on Central Fidelity only two weeks ago, when he also downgraded Barnett Banks Inc., Crestar Financial Corp. and Integra Financial Corp. Last week Dean Witter downgraded Commerce Bancshares.

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