After a week of tumbling markets, Friday morning brought some good news, as solid earnings reports pushed indexes higher at market open. Even with the higher start on Friday, major indexes were still on their way to logging in their fourth consecutive weekly decline. Earnings season is now in full swing, with all major U.S. banks reporting their third quarter results this past week. Citigroup (C), Morgan Stanley (MS) and Bank of America (BAC) all beat analysts' estimates, though BAC still posted a net loss for the quarter; Wells Fargo (WFC) met analysts' estimates, and JPMorgan Chase (JPM) missed analysts' earnings estimates, while beating on revenue.

In macro news, investors were dealt a mixed hand this week, with September's Retail Sales Report coming in below expectations, while Housing Starts and the University of Michigan Consumer Confidence Index both came in better than expectations, pointing to positive signs for the U.S. economy. Jobless claims for the week came in well below expectations of 290,000 at 264,000, which is the lowest level since April, 2000. Rates for 10-Year Treasuries were down this week, starting out on Tuesday at 2.21 and closing out Thursday at 2.17. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Tennessee Energy Acquisition Corporation: Moody's upgraded this corporation to Baa1 from Baa2. The rating on the Bonds is being upgraded to Baa1 in connection with the amendment of the structure of the transaction to eliminate the ratings of Citigroup Inc. (Baa2) as material to Moody's rating on the Bonds.
• Muhlenberg School District, PA: Moody's upgraded this school district to Aa2 from Aa3. The underlying Aa2 rating reflects the district's healthy financial position which is bolstered by substantial reserves, moderately-sized tax base with average wealth levels, and manageable debt burden.
• Peach County Development Authority, GA: Moody's upgraded this development authority to A2 from Baa1. The upgrade for the Student Housing Facilities Revenue Bonds (Fort Valley State University Foundation Property, LLC Project), Series 2006 acknowledges the extraordinary support the University System of Georgia (USG) has now demonstrated it will provide to Fort Valley State University, as well as other member campuses. Fort Valley will be permitted to use centralized reserves to fund PPV debt service in fiscal year (FY) 2015 and the system has increased the allotment of state appropriations to the university for FY 2015.
• City of Vadnais Heights, MN: Moody's upgraded this city to Baa2 from Ba1. The Baa2 rating reflects diminished risks following the cure of a recent debt default after the city's termination of a lease agreement on $24.8 million of senior lien bonds and $2 million of junior lien lease revenue notes (neither is rated by Moody's).
• Waupaca County, WI: Moody's upgraded this county to Aa2 from Aa3. The Aa2 rating reflects the county's moderately-sized, stabilizing tax base in east central Wisconsin (Aa2 stable); slightly below average resident wealth levels; healthy reserves and strong financial operations; and manageable debt profile.
• Glenwood Community School District, IA: Moody's upgraded this school district to Aa3 from A1. The upgrade to Aa3 from A1 reflects the district's modestly-sized but growing tax base located south of the Omaha (Aa1 negative) and Council Bluffs (Aa2) metro region; above average socioeconomic indices; strong financial trends and healthy General Fund reserves which are expected to be maintained going forward; manageable debt burden; and moderate exposure to unfunded pension liabilities of a cost-sharing retirement system.
• Central Washington Hospital, WA: Moody's upgraded this hospital to Baa2 from Baa3. The upgrade to Baa2 and the maintenance of the positive outlook reflect a third year of strong operating performance, improved debt measures, and the successful launching of the new agreement with Wenatchee Valley Medical Center to form Confluence Health.
• Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA: Moody's upgraded this authority to A1 from A2. The upgrade reflects a multi-year trend of growth in the pledged sales tax, which is charged on a broad range of items and services in a large, diverse, and improving economy. Sales taxes in Allegheny County have grown faster and been less volatile than nationwide sales taxes through the downturn and recovery.
• North Slope Borough, AK: Moody's upgraded this borough to Aa2 from Aa3. The upgrade to Aa2 primarily reflects the borough's very large tax base, a sound financial position demonstrated by ample reserves and very strong liquidity, and also a manageable debt burden. Rapid amortization mitigates potential risks for the local economy's outsized dependence on oil and gas activity. The rating also incorporates borough's rural service area and severe concentration of the largest property taxpayers.

Downgrades

• Rider University, NJ: Moody's downgraded this university to Baa2. The downgrade to Baa2 reflects extended enrollment pressure and limited expense flexibility for this tuition-dependent university which has translated into thinning operating performance and cash flow generation. Liquidity is modest and weaker operations are constraining further growth. The downgrade incorporates projections of weak operations for FY 2015 and FY 2016, which is expected to further weaken the balance sheet cushion.
• City of Franklin, KY: Moody's downgraded this city to A3 from A1. The downgrade of the city's general obligation rating, to A3 from A1, primarily considers Franklin's outsized enterprise risk associated with the city's fiber optic enterprise, the credit quality of the receivable owed to the General Fund by the enterprise, and the expectation of continued General Fund operational support of the enterprise.
• Casino Reinvestment Development Authority, NJ: Moody's downgraded this authority to Ba3 from Baa3. The Ba3 rating reflects our expectation that debt service coverage will fall below 1.0 times annual debt service within two years, given recent casino closures and the persistent negative pledged revenue trend. The rating also reflects the narrowness of pledged revenues and their dependence upon the Atlantic City's troubled gaming industry.
• DeKalb & Kane County Community Unit School District 427, IL: Moody's downgraded this school district to Aa3 from Aa2. The Aa3 rating reflects the district's adequate but narrowing financial operations; moderately-sized, depreciating tax base in north-central Illinois (A3/Negative); above average socioeconomic profile; and elevated debt profile with an above average amortization schedule.
• Grosse Ile Township School District, MI: Moody's downgraded this school district to A2 from Aa3. The A2 rating reflects the district's structurally imbalanced operations that have resulted in a narrow General Fund reserve position. Also incorporated in the rating is the district's moderately-sized tax base with above average wealth levels, Michigan's weak institutional framework for school districts that limits revenue raising flexibility, an above average direct debt burden and long term risks posed by exposure to an underfunded cost-sharing retirement plan.
• Big Lake, MN: Moody's downgraded this city to A1 from Aa3. The A1 rating reflects the city's limited tax base with above average wealth indicators, strong General Fund operations with ample reserves, limited liquidity in the enterprise operations, a high debt burden and above average pension liability.
• City of Decatur, TX: Moody's downgraded this city to A2 from A1. The downgrade primarily reflects five consecutive years of deficits in the General Fund operations. Absent any immediate implementation of revenue enhancements or expenditure controls, the structural imbalance is expected to continue. The city's stable, moderately-sized tax base and manageable debt burden are also incorporated into the rating.
• Tulare Local Health Care District, CA: Moody's downgraded this district to Baa3 from Baa1. The downgrade primarily reflects the district's significantly narrowed financial operations over the last few years and the risks resulting from its mismanagement of the GO-funded construction project, a hospital expansion.
• City of Long Beach, CA: Moody's downgraded this city's Senior Airport Revenue Bonds to A3 from A2. The A3 rating reflects the airport's niche position in the economically diverse Los Angeles metropolitan market, the low cost to airlines and no future new money debt issuance plans. The downgrade reflects continued enplanement losses, driven by JetBlue, causing the airport to underperform compared to passenger projections related to the most recent debt issuance for its terminal renovation. This comes at a time when that debt service begins to amortize, narrowing financial metrics.
• Warren City School District, OH: Moody's downgraded this school district to A2 from A1. The A2 rating incorporates the district's challenged economic and demographic environment as indicated by negative population, wealth, and tax base trends. The rating also reflects a stable financial position supported by an estimated positive operating performance in fiscal 2014 and balanced budget in fiscal 2015. Lastly, the rating encompasses the district's elevated debt burden and exposure to unfunded liabilities of two cost-sharing retirement plans.