The majority of this week was focused on earnings season and taking a closer look at how blue chips fared in their most recent quarter. Though markets had been volatile in recent weeks, it seemed like major benchmarks were steadily trending upwards. That was until early Friday morning, when news broke that Ukraine had attacked a Russian convoy, sparking a sell-off and fears of an escalated conflict in the East. For now, markets stand on eggshells, taking cues from any action/inaction overseas as Wall Street waits to see how this conflict (among others) will play out. Below, we look at all of Moody's municipal bonds upgrades and downgrades from the past week.

Upgrades

• Camden County Improvement Authority, NJ: Moody's Investors Service has upgraded Camden County Improvement Authority, NJ bonds to Baa2 from Baa3. The rating upgrade reflects Cooper's continued improvement in financial performance in fiscal year (FY) 2013 and year-to-date FY 2014, growth in unrestricted cash and investments as of fiscal year end (FYE) 2013 and strong volume growth given Cooper's tertiary role as a large teaching and safety net provider in southern New Jersey.
• East Hampton (Town of), NY: Moody's Investors Service has assigned a Aa2 rating to the Town of East Hampton's (NY) $4 million Various Purposes Serial Bonds of 2014 with a stable outlook. The Aa2 rating reflects the town's stable financial position, which has improved over the past several years as a result of deficit financing, improved budgeting and strengthened financial management practices.
• San Diego (County of), CA: Moody's Investors Service has upgraded San Diego County's Issuer Rating to Aaa from Aa1 with a stable outlook. The upgrade primarily reflects the county's consistent maintenance of a very strong fiscal position, inclusive of healthy cash and reserve levels that we expect will remain well above average, given an above average performing economy and the county's history of sound fiscal management.
• Springs Union Free School District, NY: Moody's Investors Service has upgraded the Springs Union Free School District, NY bonds to Aa2 from Aa3 the rating. The upgrade to Aa2 is based on the district's conservative budget management demonstrated by multiple years of operating surpluses and the maintenance of healthy reserves.

Downgrades

• General Brown Central School District, NY: Moody's Investors Service has downgraded the General Brown Central School District, NY bonds to A2 from A1 the underlying rating. The downgrade to A2 reflects the recent deterioration in reserves and limited financial flexibility.
• Dodge County School District 1 (Fremont), NE: Moody's Investors Service has downgraded the Dodge County School District 1 (Fremont), NE bonds to A1 from Aa3 the rating. The A1 rating reflects the district's consecutive years of deficit spending with limited liquidity; narrower though satisfactory reserve levels; a moderate, but growing tax base that benefits from proximity to Omaha, NE; and an elevated debt burden with slow amortization.
• San Leandro Unified School District, CA: Moody's Investors Service has downgraded San Leandro Unified School District's general obligation bond rating to A1 from Aa3. The rating primarily reflects the district's weakened financial position resulting from multi-year deficit spending.
• Rensselaer County I.D.A., NY: Moody's Investors Service has downgraded The Sage Colleges' (NY) long-term debt rating to B3 from B2. The B3 rating and negative outlook for The Sage Colleges reflects ongoing operating challenges due to stagnant net tuition revenue in an intensely competitive student market.
• Bolingbrook (Village of), IL: Moody's Investors Service has downgraded the Village of Bolingbrook, IL's general obligation (GO) rating to A1 from Aa3. The A1 rating reflects the village's weak debt profile characterized by a high debt burden and extremely slow principal amortization; narrow General Fund reserves and liquidity due to large advances to other funds, pressure from rising pension costs, relatively large tax base experiencing sustained declines, ample revenue raising flexibility, and above average resident wealth levels.
• Douglasville-Douglas County Water & Sewer Authority, GA: Moody's Investors Service has downgraded Douglasville-Douglas County Water and Sewer Authority, GA's (DDCWSA) revenue bonds to Aa3 from Aa2. The downgrade to Aa3 reflects relatively weak reserve position relative to its peers, declining consumption, and somewhat weak legal provisions.
• Yamhill, Clackamas & Washington Counties School District (Newberg), OR: Moody's Investors Service has downgraded to A1 Yamhill, Clackamas and Washington Counties School District 29J (Newberg), OR general obligation bonds. The rating downgrade reflects a significant narrowing of reserves in recent years that leaves the district with limited operating flexibility.
• Jefferson (City of), IA: Moody's Investors Service has downgraded to A2 from A1 the general obligation rating of Jefferson, IA. The A2 primarily reflects the city's narrowed operating reserve position following the acquisition of a golf course that has contributed to operational pressure in the General Fund.
• Blue Mountain Hospital District, OR: Moody's Investors Service has downgraded to Baa3 from Baa1 the rating on Blue Mountain Hospital District's (OR) outstanding long-term general obligation debt. The downgrade reflects the district's very narrow cash position and its recent history of poor operating performance.