After 13 years with the same debt ratings from Standard & Poor's, NationsBank received a "positive outlook" Thursday, which could affect approximately $20 billion in debt.

"The company has changed over the 13 years from being a North Carolina bank to being the third-largest bank in the country," said Charles Rauch, a bank analyst at S&P. "They have a greatly diversified revenue stream, geographically and productwise."

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