Markets have struggled to find definitive momentum so far in 2014, but this week brought some positive news for investors, as the S&P 500 hit a record high on Wednesday. Though markets closed lower on Thursday, in anticipation of the jobs report, Wednesday was the fourth straight day of market gains. After the slight pullback on Thursday, Wall Street was up on Friday morning, after the March jobs report bolstered investor confidence, even though it came in below what was expected. Nonfarm payrolls for March came in at 192,000, which was down slightly from the 197,000 in February, and didn't quite hit expectations of 200,000. Though the report didn't meet expectations, it did show investors that the U.S. is still steadily adding jobs. Coupled with the somewhat lackluster March jobs numbers, the weekly initial jobless claims were above expectations, coming in at 326,000 versus the expected 319,000. In the bond market, 10-Year Treasury yields were up, beginning the week at 2.73 and closing out Thursday at 2.8. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Town of Onondaga, NY: Moody's upgraded this town to Aa2 from Aa3. The upgrade to Aa2 rating reflects the town's strong financial operations with ample reserve levels, moderately sized tax base with above average wealth levels, and modest debt burden.
• Johnsonville Fire District, NY: Moody's upgraded this fire district to A3 from Baa1. The A3 rating is based on the district's limited tax base with above average wealth levels, satisfactory reserves, and above average debt burden with slow payout.
• Polk County, FL: Moody's upgraded this county to Aa3 from A1. The upgrade reflects the improving revenue trend, strong and diverse mix of tax revenues dedicated to paying debt service on the bonds, and very strong coverage levels. The Aa3 rating also incorporates the large and growing tax base, and stabilizing economy.
• Village of Stewart Manor, NY: Moody's upgraded this village to Aa3 from A1. The Aa3 rating incorporates the village's limited tax base in suburban New York City, strong income levels and a manageable debt burden. The rating also reflects the village's healthy financial position, characterized by ample reserves and a stable operating history.
• Tama County, IA: Moody's upgraded this county to Aa3 from A1. The Aa3 rating reflects the county's modestly-sized tax base in Central Iowa (Aaa/stable), solid financial operations with healthy reserve levels, manageable debt burden, and affordable pension liabilities.
• Wilkin County, MN: Moody's upgraded this county to Aa3 from A1. The Aa3 rating reflects the county's moderately sized and agriculturally driven tax base in western Minnesota (Aa1 stable), healthy financial profile characterized by sizable reserve levels, and a modest debt burden with a lack of future borrowing needs.
• Borough of Brooklawn, NJ: Moody's upgraded this borough to A3 from Baa1. The A3 rating reflects the borough's modest tax base with slightly below average socioeconomic indices, moderate debt burden with rollover risk from short-term notes, and sufficient Current Fund balance with expected annual declines due to limited revenue raising flexibility and increasing fixed costs related to health and benefits.
• Big Spring School District, PA: Moody's upgraded this school district to Aa3 from A1. The upgrade to Aa3 reflects the school district's strong financial position due to consecutive surpluses, stable tax base and average debt burden.
• Creighton University, NE: Moody's upgraded this university to A2. The upgrade to A2 reflects Creighton's improved operations and liquidity, increasingly healthy cash and investments relative to debt and operations, and growing graduate and online enrollment contributing to overall net tuition revenue growth. The upgrade also incorporates Creighton's reduced healthcare exposure and improved prospects for expanding its health sciences programs under the long-term academic affiliation agreement with Alegent Creighton Health.
• Hartley Independent School District, TX: Moody's upgraded this school district to A3 from Baa1. The upgrade to A3 reflects the district's minimal debt burden and healthy financial reserves. The rating action also incorporates the district's moderately concentrated and limited tax base as well as an average socioeconomic profile.

Downgrades

• San Marcos Unified School District, CA: Moody's downgraded this school district to Aa3 from Aa2. The downgrade primarily reflects the district's multi-year trend of narrowing reserves to a level more consistent with the Aa3 rating category. While the district conservatively estimates increasing reserves in future years, Moody's thinks that the district will likely remain near its current financial position for the near to long-term.
• Du Page County Community High School District 88 Villa Park, IL: Moody's downgraded this school district to Aa1 from Aaa. The Aa1 rating reflects the district's sizeable tax base that has experienced significant declines in valuation; solid financial operations characterized by long term planning and stable enrollment growth trends; satisfactory reserve levels despite recent and expected near term use of reserves; average debt burden with somewhat slow principal amortization; and exposure to pension cost-shifting from the state of Illinois (A3 negative outlook).
• Rockford, IL: Moody's downgraded this city to A1 from Aa3. The downgrade to A1 reflects the city's limited revenue raising flexibility due to its lack of home rule status and its elevated debt and pension burden. The A1 rating also incorporates the city's large manufacturing tax base that has added jobs over the last several years but continues to experience persistent unemployment and a satisfactory financial profile.
• Beaumont Independent School District, TX: Moody's downgraded this school district to Baa1 from A3. The downgrade to Baa1 reflects the continuing deterioration of Beaumont Independent School District's(BISD) credit quality, which no longer aligns with the A rating category.
• Port Huron Area School District, MI: Moody's downgraded this school district to A1 from Aa2. The A1 rating reflects the district's recent history of deficit operations which have resulted in very narrow General Fund reserves. Also incorporated in the rating action is the district's sizable, depreciating tax base in eastern Michigan (Aa2 positive); below average resident wealth profile; year-over-year declines in student enrollment; additional liquidity outside of its General Fund; and manageable debt burden with exposure to an underfunded state-run pension plan.
• Mona Shores School District, MI: Moody's downgraded this school district to A2 from Aa2. The A2 rating reflects the district's limited reserve levels following a multi-year trend of operating deficits. While operations are stabilizing and no further decline in reserves is expected, the district is unlikely to fully restore reserves to their previously solid level in the near to medium term.
• Licking Heights Local School District, OH: Moody's downgraded this school district to Aa3 from Aa2. The downgrade to Aa3 on outstanding general obligation debt reflects the district's elevated debt and pension burdens, as well as a financial reserves position that falls below that of many Aa-rated entities.
• Stony Brook Regional Sewerage Authority, NJ: Moody's downgraded this authority to Aa2 from Aa1. The downgrade to Aa2 is a consequence of the implementation of our General Obligation bond methodology, which resulted in a downgrade of the Township of South Brunswick's GO rating to Aa3 from Aa2. South Brunswick is responsible for approximately 40% of the authority's sewage flow.
• Township of South Brunswick, NJ: Moody's downgraded this township to Aa3 from Aa2. The downgrade results from a change in Moody's general obligation methodology. The Aa3 rating reflects the township's large, prosperous tax base characterized by above-average wealth levels and substantial industrial and commercial components.
• Mount Vernon City School District, OH: Moody's downgraded this school district to A1 from Aa3. The A1 rating reflects the district's narrow financial profile that has experienced successive reductions in cash and liquidity; a moderately sized tax base with below average socioeconomic indices; a small debt burden; and exposure to poorly funded state cost-sharing pension plans.
• Forest Hills Public Schools, MI: Moody's downgraded this schools district to Aa2 from Aa1. The Aa2 rating reflects the district's solid financial position that has eroded moderately in recent years, above average debt burden, and Michigan's (Aa2 / positive outlook) weak institutional framework for school districts that provides for very limited revenue raising flexibility. Also incorporated into the Aa2 rating is the district's sizable tax base and affluent demographic profile.
• Town of Hempstead, NY: Moody's downgraded this town to A1 from Aaa. The downgrade to Aa1 rating reflects the town's recent use of reserves to balance the budget and ongoing budget imbalances as evidenced by the use of reserves and amortization of annual pension contributions.
• Novi Community School District, MI: Moody's downgraded this school district to Aa2 from Aa1. The Aa2 rating reflects the district's multi-year trend of operating deficits that have resulted in a significant decline in available reserves. While operations are expected to stabilize in fiscal 2015 and reserves remain solid, the district is unlikely to restore reserves to their previously strong level in the near term.
• Metro Nashville Davidson County, TN: Moody's downgraded this county to Aa2 from Aa1. The Aa2 GO rating reflects Metro's favorable overall economic factors given the city's position as the state capital, and regional economic center, stable financial position with below average reserve levels and manageable debt levels.
• City of Washington Court House, OH: Moody's downgraded this court house's general obligation debt to A2 from Aa3. The A2 rating reflects the city's small tax base with below average income levels serving as the employment center for Fayette County (A1); satisfactory reserve position which has steadily declined in recent years; reliance on economically sensitive income tax revenues; above average debt burden; and exposure to two poorly funded statewide defined benefit pension plans.
• St. Marys City School District, OH: Moody's downgraded this school district to A1 from Aa3. The A1 rating reflects the district's narrow financial profile that has experienced successive reductions in cash and liquidity as a result of recent operating levy failures; a modestly sized tax base that is predominantly rural in nature with below average socioeconomic indices; an above average debt burden; and exposure to poorly funded state cost-sharing pension plans.