Investors were dealt a mixed hand this week, as there were some updates on Fed taper talk, the DJIA surpassed the 16,000 mark, and a slew of economic reports came out. The FOMC minutes were released this week, with the announcement that tapering will most likely begin to take place in the coming months. The Fed announcement led Treasury yields higher on Wednesday, while stocks fell following the announcement. On the economic news front, the Producer Price Index came in as expected at -0.2%, while initial jobless claims were 323,00, better than the expected 335,000; existing home sales fell 3.2%, which was more than the expected 2.6% decline. 10-Year Treasury yields spiked on Wednesday, following the FOMC minutes, but came down slightly by the end of the week. Below, we look at all of Moody's municipal bonds upgrades and downgrades from the past week.

Upgrades

• Charles K. Blandin Foundation, MN: Moody's upgraded this foundation to A2 from A3. The rating upgrade is supported by a combination of positive operating performance and investment gains resulting in material growth in flexible reserves, continued solid financial resource cushion to debt and operating expenses, and steady debt reduction achieved over the past several years, resulting in improvement in the foundation's credit and financial profile.
• Dormitory Authority of the State of New York, NY: Moody's upgraded this authority's outstanding Pledged Assessment Revenue Bonds, Series 2010A, to (P)Aaa. The upgrade to (P)Aaa for the 2010A series bonds reflects the broadening of its security granted by recent statute. The 2010A bonds also have a prior lien on assessment revenues. In addition, this lien closes upon effectuation of the Supplemental Resolution (which amends the 2010 resolution) with the trustee.

Downgrades

• Madison, WI: Moody's downgraded this city to Aa2 from Aa1. The Aa2 rating reflects the system's stable service area anchored by the capital of the state of Wisconsin (general obligation rated Aa2/stable) and the University of Wisconsin's largest campus; adequate legal provisions; sound debt service coverage; a history of very limited liquidity with outstanding advances from the General Fund; and growing debt burden.
• Good Shepherd Medical Center Center, TX: Moody's downgraded this medical center to Aa2 from Aa1. Moody's review of the long-term ratings of the Bonds resulted from Moody's downgrade of Good Shepherd Medical Center's (GSMC) debt issued through the Gregg County Health Facilities Development Corporation to Baa3 from Baa2 on November 12, 2013.
• Ashburn, GA: Moody's downgraded this city to A3 from A2. The downgrade to A3 reflects the utility's below one times debt service coverage in fiscal 2012, exposure to weather sensitive revenue, and stagnant rates for the water, sewer, and gas systems. The rating also reflects a limited customer base with a weak socio-economic profile, a manageable debt level, and adequate legal protections for bondholders.
• Tulsa Airport Improvement Trust, OK: Moody's downgraded this trust to A3 from Baa1. The downgrade reflects steady, gradual declines in competitiveness of Tulsa International Airport highlighted by five straight years of enplanement declines that have continued into fiscal year 2014 principally due to airline strategy to reduce available seats in the Tulsa market and increase fares.
• Westchester County, NY: Moody's downgraded this county to Aa1 from Aaa. The downgrade to Aa1 reflects the county's continued structural imbalances and limited liquidity. The Aa1 rating incorporates the substantial, wealthy and diverse tax base, average but manageable debt burden, and financial position that has narrowed over the last several years. The Aa2 lease revenue rating factors in satisfactory legal provisions of the lease documents and essentiality of the financed projects.
• Port of Seattle, WA: Moody's downgraded this port's intermediate Lien Revenue Refunding Bonds to A1 from Aa3, and the Subordinate Lien Revenue Bonds to A2 from A1. The downgrade is based on increasing debt service requirements and the port's weakened market position. Changes in the commercial aviation and global container shipping industry, the port's two primary business lines, have reduced the port's ability to generate the same high margins.
• Atlantic City, NJ: Moody's downgraded this city to Baa2 from Baa1. The downgrade to Baa2 reflects the city's significantly reduced tax base due to ongoing casino revenue declines and sizable casino tax appeals stemming from increased competition from casinos in neighboring states. The rating also factors in the city's substantial tax base dominated by the gaming industry (70% of assessed values), narrow financial cushion, weak residential socioeconomics and an increasing debt burden.
• Copper Mountain Community College District, CA: Moody's downgraded this college district to A1 from Aa3. The downgrade reflects the district's weakened finances, characterized by its negative net cash position in fiscal 2013 and a 57% decline in its unrestricted general fund balance over the last four fiscal years. This financial pressure, in concert with the district's comparatively modest tax base and weak socioeconomic indicators, drove the change in the rating.
• Village of Osceola, WI: Moody's downgraded this village to A2 from A1. The downgrade to A2 from A1 of the village's general obligation debt reflects primarily five consecutive years of tax base declines coupled with fiscal pressure from a narrowing of General Fund reserves due to advances made to other funds. The A2 rating also reflects the village's modestly sized tax base located northeast of the Twin Cities, an above average debt burden and manageable pension liabilities.
• Wistar Institute, PA: Moody's downgraded this institute from A3 to Baa1. The Baa1 issuer rating reflects the Wistar Institute's modest operating base, with a constrained research funding environment challenging a growth strategy, combined with relatively high leverage and variable rate bank debt containing financial covenants under which the institute has limited headroom.
• Foothill/Eastern Transportation Corridor Agency, CA: Moody's downgraded this agency's outstanding bonds' rating to Ba1 from Baa3. The Ba1 rating and stable outlook for all the liens reflects the agency's high debt load, long period of traffic under-performance relative to the 1999 financing forecast and a refinancing plan that extends the final maturity by 13 years, defers substantial principal into future years, and has a negative net present value of approximately $65 million.
• Rapid City (SD) Airport Enterprise: Moody's downgraded this airport to Baa3 from Baa2. The downgrade to Baa3 is based on the airport's failure to meet sum sufficient net revenue debt service coverage in FY2012, as well as projected coverage of 1.14 times in FY2013. Lower coverage was caused by a lower PFC collection rate than airport management was expecting, which highlights the volatility of the revenue stream in this particular market.