After a week of markets trading sideways, Thursday saw a steep sell-off in the major indexes after the Fed hinted that it may raise interest rates sooner than previously expected. The loss on Thursday was the biggest seen since April, but things seemed to stabilize on Friday morning, after a worse-than-expected jobs report gave investors confidence that the Fed won't be raising rates anytime soon. Earnings season is still in full swing, with many big oil companies reporting quarterly earnings this week. Chevron and Exxon Mobil beat analysts' expectations, while ConocoPhillips met earnings views, and Phillips 66 missed the quarterly estimates. In other earnings news, MasterCard, Procter & Gamble, and American Express were some of the big winners this week, while Time Warner Cable, Kellogg's, and UPS missed analysts' earnings expectations. As mentioned above, July's Nonfarm Payrolls report came in below expectations on Friday morning at 209,000, compared to the estimate of 230,000; this pushed the unemployment rate up to 6.2% from 6.1%. In the bond markets, 10-year Treasury yields were up slightly this week, having started off at 2.5 and closed out Thursday at 2.58. Below, we look at all of Moody's municipal bonds upgrades and downgrades from the past week.

Upgrades

• San Diego Family Housing, LLC: Moody's upgraded this organization to Aa3 from A1. The rating upgrade on Classes II & III is based upon the strong and steadily improving operating performance of the property during its Initial Development Period (IDP) as well as the credit quality of the provider of the surety bonds for the Debt Service Reserve Fund.
• College for Creative Studies, MI: Moody's upgraded this college to Baa2 from Baa3. The upgrade to the Baa2 rating reflects CCS's stable student demand for its art and design programs, strong cash flow, a highly liquid and unrestricted financial resources base, and rapid reduction of the college's debt burden. The rating also incorporates challenging demographic trends within the State of Michigan (Aa2 positive), and the Midwest at large, as well as the potential risk to liquidity due to the upcoming $24 million of loan maturities.
• Sauk County, WI: Moody's upgraded this county to Aa1 from Aa2. The upgrade to Aa1 reflects the county's moderately sized tax base with a high full value per capita, and positive operating results that have led to the build-up of substantial operating reserves. The Aa1 rating also incorporates the county's strong local economy with some concentration in tourism, modest debt profile and with very low unfunded pension obligations.
• Minnesota Municipal Power Agency: Moody's upgraded this agency to A2 from A3. The upgrade of MMPA's rating to A2 considered the sound credit quality of MMPA's eleven municipal members, the Agency's independent rate setting ability, historically strong financial management and performance and competitive rates.
• Rockland County, NY: Moody's upgraded this county to Baa2 from Baa3. The upgrade to Baa2 reflects significant improvement in the county's management and budgeting practices; strengthened liquidity following the issuance of deficit reduction bonds and strong oversight by the state.
• Town of Somers, NY: Moody's upgraded this town to Aa1 from Aa2. The upgrade to Aa1 reflects the town's improved financial position following several years of growth in available reserves. The Aa1 rating also incorporates the town's sizable tax base, above- average wealth indices, and modest debt burden.

Downgrades

• New Jersey Housing and Mortgage Finance Agency: Moody's downgraded this agency to Aa2 from Aa1. The downgrade reflects the weakening financial position as demonstrated by fiscal 2013 losses, poor mortgage portfolio performance driven by high single family foreclosures over 13% and the challenging operating environment highlighted by a depressed real estate market with single family home prices still 17% below peak levels and unemployment above the national average.
• New Jersey Housing and Mortgage Finance Agency Single Family Housing Revenue Bonds: Moody's downgraded these revenue bonds to Aa3 from Aa2. The downgrade to Aa3 negative reflects the weak performance of the approximately 6,841 single family whole loans supporting the bonds as demonstrated by the high foreclosure rate which surpassed 16% as of May 31, 2014 as well as weak operating performance as measured by the program asset-to-debt ratio ("PADR") which fell to 1.15x from 1.17x and loss of 6% as of December 31, 2013.
• South Redford Schools, MI: Moody's downgraded this school district to A1 from Aa2. The A1 rating reflects the district's weakened socioeconomic profile and rapidly depreciated tax base, as well as high debt burden and limited revenue raising ability tied to enrollment. The current rating also incorporates the district's satisfactory financial reserve position that follows successful efforts to reduce expenditures and also considers long term risk posed by exposure to an underfunded cost-sharing retirement plan.
• Thornapple Kellogg School District, MI: Moody's downgraded this school district to A1 from Aa3. The downgrade of the district's underlying rating to A1 reflects a steady narrowing of General Fund reserves following six consecutive audited operating deficits. Also incorporated in the rating is the district's moderately-sized tax base in western Michigan; slightly above average socioeconomic characteristics; stable enrollment; elevated debt burden; and pension funding pressures.
• City of Groves, TX: Moody's downgraded this city to A2 from A1. The A2 rating reflects the city's moderately-sized tax base, declining financial reserve position which includes a large inter-fund receivable, slightly below average socioeconomic indicators and a manageable debt burden with above average payout. The rating assignment also reflects Moody's expectation that a modestly expanding tax base, increasing sales tax revenue, and the realization of reimbursements for the Emergency Operation Center will strengthen the city's financial position in the short term.
• Eaton City School District, OH: Moody's downgraded this school district to Aa3 from Aa2. The Aa3 rating incorporates the district's modestly-sized and stable tax base located west of the City of Dayton (GOLT rated Aa2/stable), below average socioeconomic characteristics, high direct debt burden and exposure to underfunded pension liabilities of two cost-sharing retirement plans.
• Walker County, GA: Moody's downgraded this county to A2 from Aa3. The downgrade to A2 reflects the significant decline in the county's reserves and liquidity, increased reliance on tax anticipation notes (TANs), contingent liability from guaranteed hospital authority debt, and below average socioeconomic profile.
• Waupun Area School District, WI: Moody's downgraded this school district to A1 from Aa3. The A1 rating incorporates the district's modestly-sized tax base with average resident wealth levels, low general fund liquidity, adequate available fund balance, average debt with rapid principal amortization, and low pension burden.
• White Pine County School District, NV: Moody's downgraded this school district to A3 from A2. The downgrade to the A3 underlying rating assignment primarily reflects a somewhat rapid budgeted draw down of reserves to very low levels by the end of the current fiscal year (2015) combined with a trend of declining enrollment; the rating also takes into account the district's sizeable but concentrated and rural tax base and a low debt burden.