With the release of numerous earnings and economic reports, Fed meeting minutes, and a surprise announcement from the Bank of Japan this week, markets continued to climb higher. With earnings season in full swing, this week saw major energy companies report, with Exxon Mobil (XOM), Chevron Corporation (CVX), Phillips 66 (PSX), and ConocoPhillips (COP) all beating estimates. In other major earnings news, Time Warner Cable (TWC) missed estimates, Starbucks (SBUX) and Kraft Foods (KRFT) met analysts' estimates, while AbbVie (ABBV), Kellogg's (K), MasterCard (MA), and Altria Group (ALTR) beat earnings estimates. Midway through the week, the Fed minutes were released, with the Federal Reserve suggesting that its accommodative monetary policy will continue, but that quantitative easing is indeed ending as of November 1. The Bank of Japan announced on Friday morning that it was ramping up its quantitative easing program, which sent indexes higher at market open.

In macro news, the University of Michigan's Confidence Index was released on Friday, coming in at 86.9 versus the expected 86.4, making it the highest consumer confidence since July 2007. Third quarter initial GDP numbers were released on Thursday, coming in at 3.5% growth, which is above the expected 3%. Jobless claims came in slightly higher than the 285,000 expected this week at 287,000. The rate on 10-Year Treasurys was up slightly this week, starting Monday at 2.27 and finishing on Thursday at 2.32. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• City of Chicago, IL: Moody's upgraded to VMIG 1 from VMIG 2 the short-term rating of the City of Chicago (the City) Second Lien Water Revenue Bonds, Series 2000 (Subseries 2000-1 and Subseries 2000-2) (collectively, the Bonds) in conjunction with the substitution of the existing standby bond purchase agreement from JPMorgan Chase Bank, N.A. (the Bank) with a letter of credit (LOC) provided by the Bank. Moody's has evaluated the Bonds based on a joint default analysis (JDA) which reflects Moody's approach to rating jointly supported transactions.
• New Orleans Exhibition Hall Authority, LA: Moody's upgraded this authority to A1 from A2. Moody's rating of A1 reflects the strong and well diversified economy of the City of New Orleans andOrleans Parish, the narrow nature of the special tax pledge which is predominately hotel occupancy taxes, and adequate legal provisions for the bonds. The rating also incorporates generally improving pledged revenues that very strong debt service coverage and high volatility and negative year-over-year declines in revenue collections with fluctuations greater than 15% in the 2005 and 2006 time frame.
• City of Coppell Recreation Development Corporation, TX: Moody's upgraded this corporation to Aa2 from Aa3. The upgrade to Aa2 reflects the broad based nature of the tax, strong history of sales tax collection, and favorable debt service coverage even when considering the new sale. The rating also takes into consideration the local economy that continues to benefit from its location within the Dallas metropolitan area, reserves within and outside the corporation's fund which are available, although not pledged to the bonds, and legal provisions which include a debt service fund expected to be funded with a surety.

Downgrades

• Moriarty-Edgewood School District No. 8, NM: Moody's downgraded this school district to A3 from A2. The downgrade and assignment of the A3 rating reflects the district's narrow financial reserve position after multiple years of imbalance, which is expected to remain thin over the near to medium term. The A3 rating also incorporates the district's modest debt burden with above average principal amortization, modestly-sized tax base, and an average socioeconomic profile. The negative outlook continues to reflect sustained financial pressures from a declining student enrollment base.
• Spokane County, WA: Moody's downgraded Spokane County's (WA) Airport Enterprise Revenue Bonds to A2 from A1. The rating downgrade reflects significantly tighter financial margins from a combination of the downward trend of enplanements since 2007 and the increase in operating expenses in 2013. These trends have resulted in a measurable decline in net revenue and metrics such as debt service coverage. The A2 rating reflects the airport's strong market position with little competition, the diverse carrier mix, and the airport's low debt levels.
• North St. Paul-Maplewood-Oakdale Independent School District No. 622, MN: Moody's downgraded this school district's general obligation unlimited tax (GOULT) rating to Aa3 from Aa2 and has also downgraded the rating on the district's certificates of participation (COPs) to A1 from Aa3. Concurrently, Moody's has assigned a negative outlook. The downgrade to Aa3 on the district's GOULT debt reflects the district's narrowing reserve position with an additional operating deficit expected in fiscal 2015. The A1 rating on district's outstanding COPs reflects a one-notch distinction from the district's underlying general obligation rating due to the risk of annual non-appropriation and the essential nature of the project financed.
• Kentwood Public Schools, MI: Moody's downgraded this school district to Aa3 from Aa2. The Aa3 rating reflects the district's relatively narrow reserves following recent sizable operating deficits. Also reflected in the rating is the district's large tax base just south of Grand Rapids (Aa2 stable); slightly below average resident wealth levels; stable enrollment trends; manageable debt burden; and exposure to an underfunded, multi-employer cost sharing pension plan.
• Gilbert Unified School District No. 41, AZ: Moody's downgraded this school district to A1 from Aa3. The downgrade to A1 reflects the district's continued weak financial performance, which is characterized by limited reserves and resulting heavy reliance on short-term borrowing. The rating also factors in the district's large-sized stable tax base with above average wealth and manageable debt burden with rapid payout.