Markets started lower this week before climbing on Tuesday and Wednesday, and then falling slightly by Thursday's close. As earnings season picks up, investors are dealing with a lot of data that will guide their investments. Earnings results have been mixed so far, with many banks posting higher revenues than past comparable quarters and still missing analyst earnings views. Morgan Stanley was the latest big bank to miss earnings estimates on Friday morning, following in the footsteps of JPMorgan and Citigroup. Wells Fargo and Bank of America have both beat analysts' estimates.

After disappointing jobs data last week, initial jobless claims came in slightly below analysts' estimates this week at 326,000 versus the consensus of 328,000. Retail sales results were announced for December, coming in at 0.2% growth, which was above estimates. The Consumer Price Index was up 0.3% for December, meeting expectations and coming in at 1.5%. On the bonds front, 10-Year Treasury yields started the week at 2.84%, rose to 2.90% during mid-week, and ended Thursday at 2.86%. Below, we look at all of Moody's upgrades and downgrades from the past week.

Upgrades

• Rock County, MN: Moody's upgraded this county to Aa3 from A1. The Aa3 rating reflects the county's moderately sized tax base that is heavily agricultural; well-managed financial operations that are supported by ample reserves and a minimal debt burden with rapid principal amortization.
• MultiCare Health System, WA: Moody's upgraded this organization to Aa1 from A2. Moody's has evaluated the long-term letter of credit backed ratings (enhanced ratings) of the Bonds based on a joint default analysis (JDA) which reflects Moody's approach to rating jointly supported transactions. Because the Bonds have long-term underlying ratings and are supported by letters of credit, JDA applies.
• Lexington County Rural Recreation District, SC: Moody's upgraded this organization to Aa1 from A2. The upgrade to Aa1 reflects the district's sizable tax base, which has benefitted from ongoing commercial investment and residential development, as well as proximity to the state capital; wealth levels that exceed state and national averages; a modest debt burden with rapid principal amortization; and ample financial reserves, which are supported by conservative budget management.
• Village of Greenport, NY: Moody's has upgraded this village's GO bonds to Aa3 from A1. The upgrade to Aa3 incorporates the village's continued conservative approach to budget management as evidenced by sound reserve levels and a modest debt profile with rapid amortization. The rating further takes into account the limited tax base, with below- average wealth indices. Proceeds from the issue will retire a like amount of bond anticipation notes outstanding for upgrades to electric utility systems and a vehicle purchase.

Downgrades

• Siskiyou Joint Community College District, CA: Moody's downgraded this community college district to A1 from Aa3. The downgrade reflects the district's diminished fiscal position following several years of operating deficits, including a narrow General Fund balance and a negative net cash balance. Despite reduced revenue pressure from the state, the district's operations are expected to remain challenged in the near term. The A1 rating also incorporates a modestly sized $4 billion tax base, below average resident wealth levels, and somewhat elevated debt burden with slow principal retirement.
• St. Joseph's Hospital Health Center, NY: Moody's downgraded this health center to Ba2 from Ba1. The rating downgrade to Ba2 is due to: (1) a sizable and unexpected increase in debt, (2) heightened liquidity risks related to the on-demand repayment terms of a bank line, and (3) a weaker cash position following a decline in 2013 and expected further decline in 2014, leaving the hospital little cushion to withstand liquidity stress.