U.S. equities opened higher on Friday, extending Thursday's gains after the Commerce Department reported new-home sales rising slightly in September. Markets were up this week, as investors' confidence was boosted by positive earnings reports and upward momentum. After hitting intraday highs on Thursday afternoon, markets pulled back after news that a healthcare worker in New York was being tested for Ebola. Major companies reported quarterly earnings this week, with tech bellwethers Apple and Microsoft beating analysts' estimates, while IBM turned in a disastrous third quarter report. In macro news, initial jobless claims came in slightly higher than expectations this week at 283,000 versus the expected 281,000, while existing home sales came in positive at 5.17 million when analysts were expecting 5.1 million. Yields on 10-Year Treasurys were up this week, after starting on Monday at 2.2 and ending Thursday at 2.29. Below, find all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• City of Reading, PA: Moody's upgraded this city to Baa1 from Baa2. The upgrade to Baa1 reflects the city's improved financial position. Since entering into the Act 47 distressed cities program in 2009, the city's finances have stabilized, resulting in a return to structural balance and growing reserve levels, with another operating surplus expected in fiscal 2014.
• City of Charleston, SC: Moody's upgraded this city's outstanding parity debt to Aaa and the city's $2.1 million outstanding Certificates of Participation to Aa1. The Aaa rating reflects the city's solid financial position, represented by satisfactory reserve levels, recently improved cash position and formal financial policies; strong management with conservative budgeting practices; large and diverse tax base; and manageable debt levels.
• South Georgia College: Moody's upgraded this college to A1. The upgrade to A1 for the 17 series of lease revenue bonds acknowledges that the University System of Georgia (USG) governance and management have strengthened considerably. As the dominant provider of public higher education in the Aaa-rated State of Georgia, USG has significant scale and scope. The system has developed effective new policies, procedures, and oversight that reduce the risks of decentralized operations and control. The upgrade also acknowledges that USG has enhanced its oversight of the Public Private Ventures (PPV) program, increasing the links between the individually secured projects with the system's overall credit strength.
• Solon Community School District, IA: Moody's upgraded this school district to Aa3 from A1. The upgrade to Aa3 reflects the district's modestly-sized but growing tax base in eastern Iowa (Aaa stable); strong socioeconomic indices; stable financial position; strong financial management supported by sound policies; above average debt burden with future borrowing planned; and moderate exposure to unfunded pension liabilities of a cost-sharing retirement system.
• West Jefferson Hills School District, PA: Moody's upgraded this school district to Aa2 from Aa3. The upgrade of the underlying rating to Aa2 incorporates the district's improved financial position following several years of growth in fund balance and cash reserves. The Aa2 rating also factors the district's moderately-sized tax base, which is expected to benefit from additional residential development; healthy socioeconomic profile; and above average, but manageable, debt burden.

Downgrades

• Sugar Land Development Corporation, TX: Moody's downgraded this city to A1 from Aa3. The downgrade reflects a significantly weakened debt service coverage position, as well as high leverage as the corporation triple's its debt. The A1 rating continues to reflect a history of relatively stable pledged revenues with only one year of decline noted over the past decade, and somewhat weak legal provisions. The rating also takes into consideration the broad nature of the sales tax pledge.
• Moorpark Unified School District, CA: Moody's downgraded this school district to A1 from Aa3. The A1 rating is buoyed by the District's moderately-sized tax base that increased in value in 2014 and will likely continue to increase in value in 2015; above average resident wealth; voter-approved, unlimited property tax pledge on its general obligation bonds; and manageable debt levels.
• Boise County School District No. 73, ID: Moody's downgraded this school district to Ba2 from Ba1. The downgrade to Ba2 primarily reflects the district's still stressed financial operations, lack of liquidity and vulnerable operating position given a small and declining student base. The district's new management team noted progress is being made, particularly in the current fiscal year (2015), but we believe the district is still at least two years away from eliminating its negative fund balance position. The rating also reflects a small tax base and below average wealth indices.
• Standish-Sterling Community Schools, MI: Moody's downgraded this community school district to A1 from Aa3. The A1 rating reflects the district's modest tax base with below average socioeconomic indices, limited revenue raising ability, healthy reserves despite a multi-year trend of operating deficits, and declining enrollment.
• Antioch Unified School District, CA: Moody's downgraded this school district to A1 from Aa3. The downgrade reflects the district's weakened financial position evidenced by large operating deficits, resulting in significant draw down in fund balance levels and weak liquidity position. The rating also incorporates the district's moderately-sized tax base which appears to have stabilized, as well as debt and pension burdens that are low relative to similarly-rated California school districts. The district has, average wealth levels and a below average principal amortization rate, while still facing declining enrollment levels.
• City of Detroit, MI: Moody's downgraded Detroit's Certificates of Participation (COPs) rating to C from Ca. This rating action follows the recent settlement announcements between the city and the two insurers of the COPs debt, FGIC and Syncora. Reported terms of the FGIC settlement, along with the Syncora settlement terms laid out in the city's Seventh Amended Plan of Adjustment, support our expectation of a recovery rate falling well below the 35% to 65% recovery rate range that would be consistent with a Ca rating.