Investors are still reacting to a flood of earnings releases this week and the growing tensions between Russia and Ukraine. In earnings news, Apple (AAPL), Microsoft (MSFT), and Netflix (NFLX), among others, posted positive results throughout the week, while Ford (F) and Amazon (AMZN) disappointed investors and helped drag down the markets in Friday morning trading. Another hit for the market came in the form of March's new home sales, which declined 14.5%, coming in at 384,000 versus the expected 450,000. Though harsh weather this winter was partially to blame for the lower sales number, economists said it also pointed towards a fundamental weakness in the market. In other negative macro news, Initial Jobless Claims came in above economists' expectations of 315,000 at 329,000. In the bond markets, 10-Year Treasury yields were fairly stable this week, starting off on Monday at 2.73 and falling to 2.70 by Thursday's close. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Deptford Township Fire District 1, NJ: Moody's upgraded this fire district to Aa3 from A1. The Aa3 rating reflects the fire district's large tax base, average socioeconomic profile, demonstrated trend of positive operations and growing General Fund balance, and minimal debt burden.
• Itasca Independent School District, TX: Moody's upgraded this school district to A3 from Baa1. The rating upgrade reflects the district's strong financial operations that are structurally balanced, as well as very modest pension liabilities. The rating also incorporates the district's small, rural tax base that has substantial exposure to the oil and gas industries, slightly below-average wealth measures, and a manageable debt burden.
• Woodbury Heights, NJ: Moody's upgraded this borough from A2 from A3. The A2 rating reflects the borough's limited tax base with above average socioeconomic indicators, satisfactory Current Fund balance, and manageable debt burden.
• Bibb County, GA: Moody's has upgraded to Aa2 $21.9 million of outstanding general obligation backed debt issued by the City of Macon and upgraded to Aa3 $18 million of outstanding voter approved general obligation bonds issued by the City of Macon. The Aa2 rating reflects the consolidated government's role as a regional economic and employment center, an estimated sound financial position supported by adopted fund balance policies, and a low direct debt burden. The Aa3 rating on the Series 2012 bonds reflects the improved reserve position of the new government relative to that of Macon.
• Town of Livonia, NY: Moody's has upgraded this town to Aa3 from A1. The upgrade reflects the town's healthy financial profile, positive multi-year financial trends, and low unfunded pension liability. Other key considerations include the town's limited tax base, average wealth levels and manageable debt burden.
• Bosqueville Independent School District, TX: Moody's upgraded this school district to A3 from Baa1. The upgrade to A3 reflects the district's multi-year trend of operating surpluses leading to expansion of General Fund reserves and improved financial position. The A3 rating also incorporates the district's limited but growing tax base, average socioeconomic profile, and elevated debt burden without plans for additional near term borrowing.

Downgrades

• Perry County, KY: Moody's downgraded this county to Baa3 from Baa2. The downgrade reflects the county's very narrow financial position, reliance on economically sensitive revenues, and below average socioeconomic profile. The rating also considers the county's moderately-sized and its exposure to coal mineral values and overall concentration in the coal mining sector.
• Newburgh City School District, NY: Moody's downgraded this school district to A1 from Aa3. The downgrade to A1 incorporates the district's sizeable tax base with declining property valuations, average resident wealth levels, narrowing reserves due to three consecutive years of large operating deficits, and elevated debt and pension burdens.
• City of Bristol, VA: Moody's downgraded this city to A3 from A1. The downgrade of the city's underlying rating to A3 reflects the sizable increase in the city's debt burden due to the issuance of capital notes to help fund the initial costs associated with a retail-related economic development project known as The Falls.
• Detroit Public Schools, MI: Moody's downgraded this organization to B3 from B2. The B3 issuer rating primarily reflects a continuance of operational imbalance that further challenges the district's ability to address its accumulated General Fund deficit. A long-term trend of declining enrollment has contributed to annual loss of operating revenue and, while the year-over-year fall in enrollment in fiscal 2014 was much more moderate compared to earlier years, there is little indication that the district's student population will fully stabilize in the near term.
• City of Flora, IL: Moody's downgraded this city to Baa2 from Baa1. The Baa2 rating reflects the city's outsized debt burden and significant economic concentration. Also incorporated into the Baa2 rating is the city's satisfactory reserves, recent improvement in electric utility financial operations, and limited tax base with a relatively weak demographic profile.
• Borough of Chambersburg, PA: Moody's downgraded this borough to Aa3 from Aa2. The Aa3 rating reflects the borough's moderately-sized tax base with below average resident income levels, satisfactory reserve position, and modest debt burden.
• Lower Providence Township Sewer Authority, PA: Moody's downgraded this sewer authority to Aa3 from Aa2. The downgrade to Aa3 rating reflects the township's adequate financial position with improving reserve levels, manageable debt burden and moderately sized tax base with above average wealth levels.
• Armstrong School District, PA: Moody's downgraded this school district to A2 from A1. The downgrade to A2 reflects the district's strained financial position with expected declines in the near future. The rating also considers the district's high debt burden, below-average wealth levels, and moderately sized and stable tax base.
• City of Branson, MO: Moody's downgraded this city to Aa3 from Aa2. The downgrade of the issuer rating incorporates the city's moderately-sized and growing tax base with below average wealth levels that benefits from its role as a significant tourist destination in southwestern Missouri (GO rated Aaa/stable outlook); satisfactory General Fund reserves that continue to narrow; dependence upon economically-sensitive sales tax revenues; and a significantly elevated debt burden with below average principal amortization.
• South Washington County Independent School District 833, MN: Moody's downgraded this school district to Aa3 from Aa1. The Aa3 reflects the significant deterioration in operating reserves experienced over recent years, the expectation that reserves will decline further in the near term, and an above average debt burden with additional borrowing planned.
• City of Giddings, TX: Moody's downgraded this city to A3 from A2. The A3 rating reflects the city's pressured finances. The city wrote off an aged receivable due from the Water Fund, reducing the General Fund balance to a negative position for fiscal year-end 2013.
• Austin Community College District, TX: Moody's downgraded this college district to A1 from Aa3. The A1 rating reflects the college's large size, reducing its vulnerability to modest variance and providing economies of scale, as well as its location in a demographically vibrant area. The A1 rating also incorporates the district's sizeable and growing tax base.
• City of Harrison, OH: Moody's downgraded this city to A2 from A1. The downgrade to A2 reflects the city's narrow financial position; moderately-sized tax base located in Hamilton County (Aa2 negative) near the Indiana (Aaa stable) border; socioeconomic indicators which are on par with state and national medians; and manageable debt burden.
• Shawnee County Unified School District 345, KS: Moody's downgraded this school district's outstanding general obligation (GO) rating to Aa3 and outstanding certificates of participation (COPs) to A1. The Aa3 rating reflects the district's modestly sized and stable economy located near Topeka (Aa3); satisfactory financial operations lacking a contingency reserve fund; and high debt burden somewhat offset by state funding. The A1 rating on the certificates is notched once from the district's underlying rating reflecting the essentiality of the funded and pledged assets and risk of non-appropriation.