Though stocks were climbing higher on Friday morning, the markets had been down all week, with losses posted daily on the DJIA and S&P 500. The losses in the markets happened amidst some fairly positive economic news, with the U.S. GDP reportedly growing 3.6% in the third quarter, having been revised upward from the previously recorded 2.8% estimate. On the jobs front, it was announced on Thursday that U.S. private sector jobs were added at a higher rate in November, with the number coming in at 215,000, above the 178,000 that was expected, and high above the October number of 135,000. Friday saw the release of the Nonfarm Payrolls report, which saw 203,000 jobs added for November--much higher than the 185,000 that analysts were expecting--resulting in the unemployment rate dropping to 7%. Treasury rates dipped slightly mid-week, but were back to their starting levels by Thursday, and climbed to a three month high on Friday morning after the jobs report was released. Below, we look at all of Moody's municipal bond upgrades and downgrades over the past week.

Upgrades

• Borough of Collingswood, NJ: Moody's upgraded this borough to Baa2 from Baa3. The upgrade of the borough's rating to Baa2 reflects reduced uncertainty surrounding short-term enterprise related obligations, given the borough's recent history of favorable interest rates on short-term notes. The upgrade also reflects the borough's demonstrated commitment to reducing its debt burden by reserving certain property sale proceeds in escrow.
• Riverside County Asset Leasing Corp., CA: Moody's upgraded this corp.'s long-term joint support rating from Aa3 to Aa1. The long-term rating is based on a joint default analysis (JDA) which reflects Moody's approach to rating jointly supported transactions. The JDA rating is based upon the credit quality of the Bank as LOC provider, the underlying rating assigned to the Bonds, and the structure and legal protections of the transaction which provide for timely debt service payments to investors.
• Redevelopment Authority of the City of Waukesha, WI: Moody's upgraded this authority to Aa3 from A2. The rating is based on the credit quality of the Bank and the structure and legal protections of the transaction, which provide for timely payment of debt service to bondholders.

Downgrades

• City of Monmouth, OR: Moody's downgraded this city to A3 from A2. The downgrade to A3 for the full faith and credit rating reflects the city's exposure to significant enterprise risk. The city issued full faith and credit obligations for Monmouth-Independence Network (MINET) operations, a competitive telecom enterprise.
• San Juan Capistrano Public Financing Authority, CA: Moody's downgraded this public financing authority to A3 from A1. The downgrade is based on recently volatile and below-average debt service coverage levels that are unlikely to materially improve in the near-term. The downgrade also incorporates the severe depletion of water system unrestricted reserves that management expects to remain weak for several years, and higher than expected operational costs related to the system's ground water production.
• Louisiana Public Facilities Authority: Moody's downgraded this authority to Aa2 from Aaa in connection with the issuance of a substitute letter of credit to be provided by the Bank of Nova Scotia as replacement for the existing letter of credit provided by Suntrust and the confirming letter of credit provided by the Federal Home Loan Bank of Atlanta.
• Oklahoma County Independent School District 52, OK: Moody's downgraded this school district to Aa3 from Aa2. The downgrade reflects a material weakening of the district's financial position marked by a substantial reduction in reserves.
• Willard City School District, OH: Moody's downgraded this school district to A2 from A1. The A2 rating primarily reflects the district's narrow financial position and limited budgetary flexibility. In addition to the district's financial challenges, the A2 rating also incorporates the district's modestly sized base, below average socioeconomic characteristics, above average debt burden and long term risks posed by exposure to underfunded cost-sharing pension plans.
• Millcreek Township School District, PA: Moody's downgraded this school district to A1 from Aa3. The downgrade to A2 reflects the district's significantly weakened financial position, limited financial flexibility after six years of operating deficits, narrow General Fund balance composed entirely of non-spendable assets, negative unassigned General Fund balance, and historically weak financial management. The rating also incorporates the district's large tax base, above-average socioeconomic profile, and manageable debt burden, as well its recent change in management and its commitment to rebalance financial operations.
• Prospect, CT: Moody's downgraded this town from A1 to A2. The A2 rating reflects the town's narrow financial position that is not expected to improve materially over the near term, moderately-sized tax base, above average wealth and income levels, and low debt burden.
• Marinette, WI: Moody's downgraded this city's parity water revenue debt to A3 from A1. The A3 rating reflects satisfactory legal provisions that are enhanced by a city appropriation pledge, the water system's limited service area and concentrated customer base, extremely narrow cash levels further exacerbated by long-term advances from other funds that have been used to supplement recent narrow debt service coverage that is expected to remain pressured due to lack of local rate setting authority and growing debt service costs.