Once again, it was a mixed week for the markets, as Tuesday and Wednesday saw some slight gains, before Thursday took the markets lower. Part of the turbulence is due to an unpredictable earnings season that has seen a slew of mixed earnings reports. While some industry stalwarts, like Goldman Sachs, Monsanto, and Johnson and Johnson, have beat analysts' estimates, there are many others that have turned in estimate-missing earnings and mixed reports. On the macro front, initial jobless claims came in lower than analysts' expectations, and were reported at 326,000 versus the estimated 330,000. 10-Year Treasury yields started out the week at 2.85, but had fallen to 2.79 by Thursday's market close. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Cloverdale Unified School District, CA: Moody's upgraded this school district to Aa3 from A2. The upgraded Aa3 rating reflects the district's significantly improved financial profile and positive multi-year financial trends. The district's strong assessed value (AV) per capita also contributed to the upgrade.
• Pembroke, NH: Moody's upgraded this city to Aa3 from A1. The Aa3 incorporates the town's strong finances evidenced by ample reserves; minimal debt with rapid principal amortization; and a limited tax base with average wealth levels.
• Eagle Pass, TX: Moody's upgraded this city to A1 from A2. The bonds are secured by an ad valorem tax levied, within the limits prescribed by law, against all taxable property within the city. Despite the city's reliance on toll bridge revenues and volatile sales taxes, the upgrade reflects the city's improving financial position and continued growth in the local economy.
• Cedar Park, TX: Moody's upgraded this town's annexed debt from A3 to Aa2. The Aa2 rating reflects the city's sizeable and growing base, strong socioeconomic profile, healthy reserves, and elevated debt burden. The city annexed Williamson-Travis Counties WCID 1-D in December 2011 and assumed the district's debt.

Downgrades

• Phoebe Putney Memorial Hospital, GA: Moody's downgraded this hospital to A1 from Aa3. The downgrade to A1 is a result of PPHS's two years of softer financial performance during the protracted acquisition of PN followed by a material downturn in performance in FY 2013.
• Forest Park, OH: Moody's downgraded this city to Aa3 from Aa2. The Aa3 rating reflects the city's small and recently declining tax base, depressed housing market, and weakened socioeconomic profile. The negative outlook reflects the city's financial pressures in the near to medium term including underperforming operating revenues, and a strain on operating funds from subsidizing non-major capital projects.
• Dickinson County Healthcare System, MI: Moody's downgraded this healthcare system to Baa2 from Ba1. The downgrade to Ba2 from Ba1 reflects DCHS's materially weaker balance sheet position and soft operating margins through 11-months FY 2013. The negative outlook illustrates that if DCHS fails to stabilize and improve its operating performance and cash position, a downgrade may be warranted.
• Alabama State University, AL: Moody's downgraded this university from Baa1 to A3. The downgrade to Baa1 reflects the weakening financial health of the university as evidenced by five years of declining cash and investments. Strained operating performance in recent years has resulted in less than one times debt service coverage for the last two years, an especially notable challenge given the university's uncommonly high operating leverage with debt to operating revenue of 1.9 times. The downgrade also incorporates leadership, management, and governance challenges and lack of best practices which we believe will make return to financial stability in the short term more challenging.
• Regent University, VA: Moody's downgraded this university from Baa3 to Baa2. The downgrade to Baa3 reflects the university's ongoing decline in cash and investments, stagnant net tuition revenue, declining law school enrollment, willingness for endowment spending to materially exceed 5%, and ongoing use of a secured line of credit and related collateral requirements that reduce liquidity. In addition the action incorporates Regent's high operating leverage and limited fundraising.