Nancy A. Bush of Brown Brothers, Harriman & Co. upgraded Banc One Corp. and downgraded PNC Bank Corp. on Monday, citing derivatives as a factor in both actions.

The analyst lifted her rating on Bane One to "buy" from "neutral" saying that its "unfortunate experience with derivatives" will largely run its course later this year. She lowered her rating on PNC to "neutral" from "buy," citing the "negative impact" of the bank's current off-balance-sheet positions.

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