After another volatile week in the markets, U.S. indexes opened higher on Friday morning despite the announcement that the U.S. added less jobs in January than expected. Nonfarm payrolls were up by 113,000 for the month, much lower than the 180,000 that was expected. The unemployment rate fell for the month to 6.6% from 6.7%. In other macro news, January's ISM manufacturing report came in at 51.3, much lower than the 56 that was expected. The non-manufacturing report, however, was up to 54, beating analysts' expectations of 53.7. In the bond market, the yield on 10-year Treasury bonds spiked higher on Thursday, rising to 2.73 after starting off the week at 2.61. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• United States Pharmacopeial Convention, Inc., MA: Moody's upgraded this convention to A1 from A2. The rating upgrade is prompted by combination of continued revenue growth across all markets (US and international), solid cash flows, material growth in flexible reserves fueled by retained surpluses and our assessment that these positive trends are sustainable.
• Milan Town School District, NH: Moody's upgraded this school district to A3 from Baa1. The upgrade to A3 from Baa1 reflects the district's historically conservative budget process supported by state aid and local tax levy increases. The upgrade also incorporates the limited, rural tax base with slightly below average demographics and low debt burden.
• Troy MAC, NY: Moody's upgraded the rating on the Municipal Assistance Corporation for the City of Troy to Aa2. The upgrade to Aa2 reflects continued improvement in debt service coverage levels due to growth in sales tax revenues and state aid payments.
• East Bay Municipal Utility District, CA: Moody's upgraded this utility district to Aa1 from Aa2. The upgrade of the General Obligation (GO) rating primarily reflects the steady improvement in the local economy, which is outperforming the statewide economy, and fueling tax base and jobs growth in the service area.
• Ballston Spa Central School District, NY: Moody's upgraded this school district to Aa3 from A1. The Aa3 rating reflects the district's sizable and expanding tax base, above average wealth levels, and solid financial position demonstrated by historical operating surpluses and fund balance growth.
• Irvine Assessment District No. 07-22, CA: Moody's upgraded this district to Aa3/VMIG 1 from A3/VMIG 2. The ratings are based upon: (i) the direct-pay letter of credit provided by the Bank; (ii) the structure and legal protections of the transaction which provide for timely payment of debt service and purchase price to bondholders; and, (iii) Moody's evaluation of the credit quality of the Bank issuing the letter of credit.

Downgrades

• Northeast Wisconsin Technical College District, WI: Moody's downgraded this college district to Aa1 from Aaa. The downgrade of the district's GO rating to Aa1 incorporates its significant deterioration of operating liquidity in recent years. The Aa1 rating also reflects the district's moderate General Fund operating deficits over the last three years, sizeable tax base that includes Green Bay (GO rated Aa2), modest enrollment declines following a spike associated with the broader economic downturn, and manageable debt burden.
• Antelope Valley Healthcare District, CA: Moody's downgraded this healthcare district to Ba2 from Baa3. The rating downgrade is based on AVHD's growing reliance on supplemental government funding to meet its debt service coverage covenant, which is a result of weak core operating performance and patient volume declines.
• Rollins College, FL: Moody's downgraded this college to A2 from A1. The downgrade reflects Rollins' recent trend of declining cash flow performance and overall stagnant net tuition revenue with FY 2013 net tuition revenue below the results for FY 2010. The downgrade also incorporates the college's diminished flexible reserves. In FY 2013, monthly liquidity moved to $60 million from the prior year's $96 million as the college funded a portion of various capital projects including a new inn.
• City of Davenport, IA: Moody's downgraded this city to Aa3 from Aa2. The downgrade of the city's GO rating to Aa3 reflects the city's ongoing challenged financial position, with limited reserves and liquidity across all city funds, as well as the city's above average debt and pension burden.
• Saratoga, NY: Moody's downgraded this county to Aa2 from Aa1. The downgrade reflects the county's narrow financial reserves from nine years of operating deficits mostly associated with its nursing home enterprise, Maplewood Manor. The Aa2 rating incorporates the sizeable tax base with above average wealth levels, which benefits from development in the technology sector; and a low debt burden with modest future borrowing plans.