Investors cheered on the markets this week, as the Dow and S&P 500 both set new record highs by Thursday's close. Friday saw markets make a modest open, as positive May jobs news bolstered confidence in the U.S.'s economic recovery. The NonFarm Payrolls report for May showed that 217,000 jobs were added last month, while the unemployment rate remained unchanged. Analysts has been expecting the addition of 215,000 jobs for May. The NonFarm Payrolls report on Friday overshadowed Thursday's lackluster Initial Jobless Claims, which came in at 312,000, just above the 310,000 expectation. As earnings season comes to a close, J.M. Smucker, Brown-Forman, and Joy Global all released results that came in above analysts' earnings expectations, while revenue and guidance were mixed. In the bond world, 10-Year Treasury yields were up slightly by the end of day on Thursday, having started at 2.54 and ended at 2.59, hitting the peak on Wednesday at 2.61. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Grant County School District No. 144-101, WA: Moody's upgraded this school district to Aa3 from A1. The upgrade to an Aa3 underlying rating reflects a moderately-sized tax base that continues to demonstrate growth propelled by data centers for high tech businesses, solid financial performance relative to in-state peers, along with low debt and pension burdens. The rating also considers the district's rural service area and modest socioeconomic measures.
• Pilot Point Independent School District, TX: Moody's upgraded this school district to A1 from A2. The upgrade to A1 reflects the district's healthy financial position resulting from favorable operating trends, a modest but stable economy, and above average resident income levels. The rating also incorporates the recent trend of student enrollment declines as well as the district's elevated debt burden that is expected to moderate given no plans for near-term borrowing.
• Village of East Hampton, NY: Moody's upgraded this village to Aa1 from Aa2. The Aa1 rating reflects the village's sizeable, very affluent tax base, improved financial position after three years of operating surplus, and modest debt burden.
• Moulton Independent School District, TX: Moody's upgraded this school district to A3 from Baa1. The A3 rating reflects the district's modestly-sized tax base with concentration in the oil and gas industry, somewhat below average socioeconomic profile, healthy financial position, and minimal debt burden.
• Johnson City Medical Center, TN: Moody's upgraded the Health and Educational Facilities Board of the City of Johnson City's (TN) Hospital Revenue Refunding and Improvement Bonds to Ba1 from Ba3. This rating upgrade is based on the improved quality of investments held in the escrow account.

Downgrades

• Shawnee County Unified School District No. 501, KS. Moody's downgraded this school district to Aa3 from Aa2. The Aa3 rating reflects the district's large tax base with below average resident income indices with some stability provided by the state capital; narrow reserve levels which are expected to remain stable; high direct debt burden offset somewhat by state support for debt service; slow principal amortization resulting from a back loaded repayment schedule.
• Amador County Unified School District, CA: Moody's downgraded this school district to Aa3 from A1. The rating downgrade reflects a declining fund balance in FY13 and FY14 as well as projections for future years that suggest the district will not return to its comparatively high level of reserves in FY11 (21.4% of revenues).
• North Branch, MN: Moody's downgraded this city's general obligation unlimited tax (GOULT) rating to Baa1 from A1. Moody's also has downgraded the North Branch Water and Light Commission, MN's electric revenue rating to Baa3 from Baa2, and has downgraded the Commission's water revenue rating to Baa3 from Baa1. The downgrades on all three ratings reflects the governance, financial, and economic linkages between the City of North Branch and the North Branch Water and Light Commission (the Commission), which is a component unit of the city that operates the water and electric utility for local residents. The city and component utilities had broadly invested in infrastructure and land development capacity to prepare for anticipated growth. However, expansion did not materialize given the recession, and city property valuations also contracted considerably.
• Oxford Area Community School District, MI: Moody's downgraded this school district to Aa3 from Aa2. The Aa3 rating reflects the district's large and primarily residential tax base located in Oakland County, which has returned to growth in recent years, an above average socio-economic profile, an adequate financial position after two consecutive years of decline, an above average debt burden, and Michigan's(Aa2 / positive outlook) weak institutional framework for school districts that provides for very limited revenue raising flexibility.
• Indian Hills Community College, IA: Moody's downgraded this college to Aa3 from Aa2. The downgrade to the Aa3 rating reflects the college's recent use of fund balance resulting in reserve levels no longer commensurate with the Aa2 rating category as well as its trend of declines in enrollment and resident population.
• Lifespan Rhode Island Obligated Group: Moody's downgraded this group to Baa2 from Baa1. The downgrade to Baa2 is based on Lifespan's multi-year trend of declining operating performance and the material loss in fiscal year (FY) 2013, which was well below the Baa1 median levels and failed to meet budgeted expectations.
• Casino Reinvestment Development Authority, NJ: Moody's downgraded this authority's $216 million Parking Fee and Atlantic City Fund Revenue Bonds, Series 2005A and 2005B to Baa3 from Baa2. The Baa3 reflects a multi-year trend of parking fee revenue declines that largely correlate with the Atlantic City (GO rated Baa2/negative outlook) gaming industry.
• Casino Reinvestment Development Authority, NJ: Moody's downgraded this authority's $66 million Hotel Fee Revenue Bonds outstanding, Series 2004 to Baa2 from Baa1. Despite a recent trend of stable debt service coverage, the Baa2 rating reflects a multi-year trend of increases in hotel vacancy rates that largely correlate with declines in Atlantic City's (GO rated Baa2/negative outlook) gaming industry.
• East Jordan Public School District, MI: Moody's downgraded this school district to A2 from A1. The downgrade to A2 primarily reflects the district's narrowed reserve position resulting from a long-term trend of declining enrollment and operating revenue, as well as local economic pressures. Also incorporated in the A2 rating are the district's modest debt burden, limited budgetary flexibility, and exposure to an underfunded cost-sharing retirement plan.
• City of Maple Heights, OH: Moody's downgraded this city to Baa3 from A3. The Baa3 incorporates the city's weak economic, tax base and demographic fundamentals which are still feeling the effects of the economic downturn; the non-existent General Fund liquidity and reserve position, narrow liquidity across all governmental funds; average debt burden and above average pension exposure.
• Pueblo County School District 70, CO: Moody's downgraded this school district's underlying GOULT rating to A2 from Aa3. The A2 underlying rating is primarily based on the district's deteriorating financial performance including declining reserve levels. The rating further reflects the moderately-sized and somewhat concentrated tax base, and elevated levels of both direct debt and pension liabilities.