Markets were down for most of the week, with Wednesday's Fed minutes-fuelled rally erased by Thursday's profit-taking and Friday's energy sector decline. Wednesday marked the unofficial start of the third quarter earnings season, with Alcoa releasing better-than-expected results; other companies also reported this week, with Monsanto and Family Dollar Stores missing estimates, while Pepsi, Yum Brands and Costco all beat expectations. The FOMC minutes on Wednesday boosted markets, as the dovish view remained, suggesting that interest rates will not rise any time soon. Initial jobless claims were positive this week, coming in at 287,000 compared to the 294,000 expected. Yields for 10-year Treasurys ended lower on Thursday at 2.34, after starting out the week at 2.43. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Canaveral Port Authority, FL: Moody's upgraded this organization to A2 from A3. The upgrade is driven by the port's low leverage, continued growth in its cruise segment, its stable financial position and proactive capital plan management all of which is similar to peer ports in Florida. It is also supported by the port's continued diversification in revenues with the addition of a container terminal expected to begin operating by year-end.
• Elk River Independent School District No. 728, MN: Moody's upgraded this school district to Aa3 from A1. The Aa3 underlying rating incorporates the district's large tax base experiencing both population and enrollment growth and solid General Fund reserves. The rating also reflects the district's above average debt profile and average pension liability.

Downgrades

• St. Johns Public Schools, MI: Moody's downgraded this school district to A1 from Aa3. The A1 rating reflects the district's recent operating deficits, which have resulted in narrow reserves. Also incorporated into the A1 rating is the district's declining enrollment which is projected to continue; moderately-sized tax base; average socioeconomic profile; elevated debt profile with below average principal amortization; and Michigan's (Aa2/positive) weak institutional framework for school districts that provides very limited revenue raising flexibility.
• City of Marysville, CA: Moody's downgraded this city's COP rating to Baa3 from Baa2. The downgrade of the COP reflects the city's weak financial position and narrowing reserves and liquidity. The three notch distinction between the COP rating and the city's Issuer Rating represents Moody's standard two notches reflecting the risk of abatement and an additional notch for weak finances and the relatively less-essential nature of the leased asset.
• Eaton Rapids Public Schools, MI: Moody's downgraded this school district to A3 from A2. The downgrade to A3 reflects the district's narrowed reserve position, high debt burden, declining enrollment, and limited revenue raising flexibility.
• New Lothrop Area Public Schools, MI: Moody's downgraded this school district to A2 from A1. The A2 underlying rating reflects the district's above average debt burden, slow debt retirement and elevated exposure to underfunded pension liabilities. Also incorporated in the rating is the district's modestly-sized, semi-rural tax base; slightly below average wealth levels; stable maintenance of satisfactory reserves; and positive enrollment trends.
• FMC Corporation: Moody's downgraded this corporation to Baa2 from Baa1. The downgrade concludes the review initiated on September 9th, prompted by the company's announcement that it entered into an agreement to purchase agricultural chemicals producer Cheminova A/S (Cheminova) of Denmark in an all-cash transaction valued at $1.8 billion, including assumed debt. The transaction is subject to regulatory approvals and is expected to close in the first half of 2015. The outlook is stable.