ATLANTA -- Standard & Poor's Corp. yesterday revised its outlook on North Carolina's $591 million AAA-rated general obligation bonds to stable from negative, citing the state's efforts to diversify revenues and reestablish fiscal flexibility.

"In revising the outlook back to stable, S&P acknowledges that the prospects for any decline in the rating are removed," the agency said. But in taking its rating action, Standard & Poor's cautioned that its action "assumes a continuation of the fiscal discipline the state demonstrated through earlier economic slowdowns."

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