The fear of Fed tapering was once again calmed this week, as Janet Yellen, who is a nominee for the next Fed Chairman position, voiced her support of government bond-buying before the Senate Banking Committee. This was some of the only positive economic news investors would see this week, as October's industrial production came in at -0.1% versus the 0.2% expected, and initial jobless claims came in higher than expectations. Though initial claims of people filing for unemployment benefits did fall from 341,000 to 339,000, they were still above the expected 330,000. The markets were a different story, as the S&P 500 started off the week moderately, before dipping on Tuesday, and then ending Wednesday and Thursday in decidedly positive territory. Bond markets were closed on Monday due to Veterans Day, and after Treasury yields jumped higher last Friday, they started the week off strong, and fell slightly as the week progressed. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Methodist Medical Center of Illinois: Moody's upgraded this medical center to AA1 from AA3. The Bonds are supported by a letter of credit provided by PNC Bank, N.A. (the Bank). The long-term rating of the Bonds continues to be based on a joint default analyses (JDA) which reflects Moody's approach to rating jointly supported transactions.
• Legacy Health System, OR: Moody's upgraded this health system to A1 from A2. The upgrade of the rating to A1 and the maintenance of the stable outlook reflects the continuation of strong operating performance, the significant improvement of balance sheet measures, the successful completion of the organization's most recent master capital plan, and the absence of significant capital spending in the immediate future.
• City of Niagara Falls, NY: Moody's upgraded this city to Baa2 from Baa3. The upgrade to Baa2 incorporates the city's the improved liquidity and reserve position, a portion of which the city is utilizing to balance its 2014 budget. The rating also incorporates the city's weak economy, high unemployment, below average income levels, and elevated debt position.

Downgrades

• Clarkston Community Schools, MI: Moody's downgraded Clarkston Community Schools to A1 from Aa3. The A1 rating reflects the district's narrowed financial position following large recent operating deficits. Also incorporated into the A1 rating is the district's sizable tax base, affluent demographic profile, and elevated debt burden.
• Village of Tupper Lake, NY: Moody's downgraded this village to A3 from A2. The A3 incorporates the village's narrow financial position from years of pay as you go capital spending and delays in state grants; a limited, but stable tax base of $138 million with below average wealth; and a low debt burden with rapid principal amortization.
• Central College, IA: Moody's downgraded this college to Ba2 from Baa3 and assigned it a negative outlook. The Ba2 rating and negative outlook reflect Central's challenging student market, as evidenced by two years of substantially smaller than budgeted freshman classes, which resulted in weakening operations in FY 2013 and will continue to impact operations for the next few years.
• City of Port St. Lucie, FL: Moody's downgraded this city to Aa3 from Aa2. The downgrade of the General Obligation rating reflects the continued weak economic recovery, the recent deterioration of non-ad valorem backed debt that has invoked General Fund support, and the expectation of structurally imbalanced operations for the next four fiscal years as the city has elected to fund this support from General Fund reserves rather than from new revenues.
• Good Shepherd Medical Center, TX: Moody's downgraded this medical center to Baa3 from Baa2. The rating downgrade reflects GSHS's material decline in financial performance in FY 2013, sizeable patient volume losses, and physician departures. The negative outlook reflects the increased competitive environment, as the competing hospital in Longview recently expanded its campus and recruited away several physicians from GSHS's medical staff.
• City of Green Bay Redevelopment Authority, WI: Moody's downgraded this agency to Aa2 from Aa1. The Aa2 general obligation rating reflects the City's role as a regionally important economic center; weak demographics; satisfactory financial operations with narrowed liquidity; and above average debt burden with slow amortization.
• Statham, GA: Moody's downgraded this city to Baa1 from A3. The Baa1 rating reflects the city's modestly sized and declining tax base, below average socioeconomic profile, continued General Fund draws, and above average debt burden with slow payout. The rating also incorporates the unaudited General Fund surplus in fiscal year 2013 with the assistance of transfers from the water and sewer and SPLOST support of debt service.