This week in the markets started off strong due to the U.S. intervention in Syria becoming less certain and thanks to some encouraging figures from overseas. With gains in the markets lasting into midweek, Thursday saw the first down session in seven days, even though weekly jobless claims came in at their lowest level since 2006. On the corporate bond front, Verizon made financial history by selling $49 billion worth of corporate bonds to help finance its $130 billion acquisition from Vodafone. Treasury rates peaked on Wednesday, but cooled off by the end of the week, as investors wait to see what will be said at next week's FOMC meeting. Below, we look at all of Moody's upgrades and downgrades in the municipal bond market over the past week.

Upgrades

• Sibley Memorial Hospital, DC: Moody's upgraded this memorial hospital's rating from A2 to Aa3, and removed it from being under review. The Aa3 debt rating and stable rating outlook reflect Sibley's change in bondholder security following the completion of Sibley's admittance to the JHHS Obligated Group.
• Liberty University, VA: Moody's upgraded this university's rating from A1 to Aa3. The upgrade reflects Liberty's remarkable momentum in revenue growth and cash flow from operations. This momentum, if continued, will produce sufficient cash to fund transformative capital investments as well as to build reserves over time. The growth in revenue and cash and investments makes Liberty a true outlier in Moody's portfolio of not-for-profit universities.
• Cumberland, MD: Moody's upgraded this city from Aa2 to Aa1. The upgrade to the Aa1 rating primarily reflects the credit quality of the state intercept program. In addition, the rating also reflects a sound legal structure that requires a cash-funded debt service reserve fund (DSRF) and for Cumberland to pay the debt service 30 days prior to the due date; both of which provide additional security to bondholders.
• White House, TN: Moody's upgraded this city from A1 to Aa3. The Aa3 rating incorporates the city's healthy finances, demonstrated by strong reserves and proactive financial management, its manageable debt burden and its modest but growing tax base.

Downgrades

• Bristol Township School District, PA: Moody's downgraded this school district to A1 from Aa3. The downgrade to A1 reflects weak financial results over the past three fiscal years, which have significantly narrowed the district's fund balance reserves and liquidity and opened up a widening budgetary structural imbalance. The rating also reflects the district's moderately-sized tax base, average wealth levels, an above average debt position.
• Harris County Municipal Utility District, TX: Moody's downgraded this utility district to A3 from A2. The downgrade to A3 is driven by significant declines in tax base. The district experienced four consecutive periods of decline, losing approximately 26% of their tax base between 2010 and 2013. Additional considerations include an elevated debt burden, slow debt payout, as well as modest growth in General Fund and cash reserves.
• Madison County Hospital Health System, FL: Moody's downgraded this hospital health system to MIG 3 from MIG 2. The action follows the hospital's potential violation of the USDA's letter of conditions under the original USDA commitment letter related to the Notes.
• East Lansing City School District, MI: Moody's downgraded this school district from Aa2 to Aa3. The Aa3 rating reflects the district's limited though adequate General Fund reserves. The Aa3 rating further incorporates the district's sizable tax base and above average debt burden. Removal of the negative outlook is based on the district's stable enrollment trend, which factors favorably into the state aid formula, as well the expectation that the district's finances will stabilize based on ongoing expenditure reductions.
• Meriter Hospital, WI: Moody's downgraded this hospital to A2 from A1, and assigned it a negative outlook. The downgrade and negative rating outlook reflect PPIC's deep operating challenges that have resulted in very modest operating cash flow margin at MHS. The A2 rating is supported by MHS's balance sheet ratios (which remain adequate at the A2 rating level) and Meriter Hospital (exclusive of PPIC) continues to generate good operating margins even though Meriter has increased significantly in recent years the number of physicians it employs.
• Holly Area School District, MI: Moody's downgraded this school district's rating to A3 from Aa3. The A3 reflects the district's extremely narrow reserves in preliminary fiscal year 2013 results, increasing dependence on cash flow note proceeds to fund operations, limited budgetary flexibility, and accelerated trend of declining enrollment due to competition from neighboring charter and public schools.
• Capac Community School District, MI: Moody's downgraded the underlying rating on the district's previously issued general obligation debt to A2 from Aa3. The downgrade to A2 is driven by recent and projected weakening of the district's financial position. Audited results for fiscal 2012 and unaudited results for fiscal 2013 reflect a combined decline in General Fund balance of nearly 70%, bringing the district's financial position more in line with the A2 rating category.
• Willoughby-Eastlake City School District, OH: Moody's downgraded this school district's rating from Aa2 to Aa3. The downgrade to the Aa3 long term issuer and GOLT ratings reflects the district's modest financial position that has weakened in recent years; elevated exposure to renewal risk related to the voter authorized operating levies; large tax base with recent valuation declines; sound socioeconomic profile; high Moody's adjusted net pension liability; and solid debt position with limited future debt expected.
• Los Banos Redevelopment Agency, CA: Moody's downgraded this redevelopment agency to Ba2 from Ba1. The downgrade to Ba2 is driven by changes to California law that dissolved redevelopment agencies (RDAs) and changed the method by which the successors agencies to the RDAs receive incremental tax revenues to pay debt service on tax allocation bonds; as a result of these changes, we project that debt service coverage net of pass-through payments will remain below our threshold of two times to be considered investment grade.
• Portsmouth City School District, OH: Moody's downgraded this school district's rating to A2 from A1. The downgrade to A2 reflects the district's moderately-sized, stable tax base located in southern Ohio with resident income levels that are well below average; limited General Fund cash and reserve levels; the district's operating levy at the 20-mill floor, allowing revenues to grow along with tax base appreciation; and a manageable debt burden with no plans for additional borrowing.
• Successor Agency to the City of Torrance Redevelopment Agency, CA: Moody's downgraded this successor agency's to Ba2 from Ba1. The downgrade reflects the narrow total project area debt service coverage, the uncertainty associated with the applicability of the tax increment revenue cap for the Downtown Redevelopment project area, the high taxpayer concentration of the combined project areas and the assessed valuation volatility and trends for the Industrial project area. The rating also factors in the moderate size of the combined areas.
• St. Mary's College of Maryland, MD: Moody's downgraded this college to A2 from A1. The A2 rating reflects the college's niche role as the only solely public honors college in Maryland, its manageable debt burden, stable support from the State of Maryland, and strong financial management team capable of executing necessary expense reductions.
• Springfield Park District, IL: Moody's downgraded this district to A3 from A1. The A3 rating reflects the district's large and stable tax base; narrow cash position with deficit fund balances in several funds; history of structural imbalance in the district's operating budget; underperforming ice rink operations with worsening deficit balances; and low debt burden.