While U.S. equity markets traded in a narrow range this week, bond investors were in for an action-packed session on Thursday. Bond prices tumbled in the U.S., U.K. and Germany, pushing 10-year Treasury note yields to levels not seen since 2011, as investors' looming concerns over Fed tapering weighed heavily on the markets. Meanwhile, investors will be keeping a close eye on the latest Fed minutes, which are slated to be released next Wednesday. Here, we highlight Moody's recent upgrades and downgrades seen over the week:

Upgrades

• Successor Agency to the Sunnyvale Redevelopment Agency, CA: Moody's upgraded the rating on this successor agency's series 2003 Tax Allocation bonds from Ba1 to Baa3. The upgrade reflects the strong current and projected debt service coverage on both an annual and semi-annual basis.
• City of Atlanta, GA: This city's water and wastewater refunding revenue bonds (series 2013A) were upgraded to Aa3. Moody's also upgraded the system's outstanding revenue bonds from A1 to Aa3.
• San Diego, CA: Moody's upgraded this city's RDA's Successor Agency's rating from Ba1 to Baa3. The firm also assigned a stable outlook. The upgrade reflects the ample semi-annual debt service coverage provided by the total incremental revenues available to the successor agency for total tax increment secured debt service coverage.
• East Hampton, NY: This city's general obligation rating was upgraded form A1 to Aa3. A stable outlook was also assigned. The upgrade reflects improvement in the town's financial position over the past three years, which was the result of conservative budgeting and strengthened financial management practices.

Downgrades

• Sante Fe County, NM: Moody's downgraded this county's Gross Receipts Tax rating from Aa1 to Aa2 and its Capital Outlay Gross Receipts Tax rating from Aa1 to Aa3. The outlook was revised to stable.
• Kenosha County, WI: This county's general obligation bonds were downgraded from Aa1 to Aa2. The rating reflects the county's large but declining tax base; sound financial operations and moderate General Fund reserves; manageable enterprise risks associated with the county-operated nursing home and jail facility; and moderate debt burden with rapid amortization.
• Soledad Redevelopment Agency, CA: Moody's downgraded this agency's Successor Agency 1998 Series A Tax Allocation Bonds from Ba1 to B1. The downgrade reflects the less than sum sufficient coverage on an annual and semiannual basis.
• Central Basin Municipal Water District, CA: This district's California's Certificates of Participations were downgraded from Aa2 to Aa3. The downgrade reflects the district's precipitous decline in debt service coverage as calculated by Moody's in fiscal 2012 and an expected low debt service coverage for fiscal 2013 related to litigation surrounding one of the district's primary customers, with an expectation that debt service coverage levels will increase in the near-term.
• Cook County High School District 220, IL: This high school district's general obligation limited tax debt was downgraded from Aa2 to Aa3. The rating reflects the district's declining General Fund reserves; depreciating tax base trends; sizeable tax base adjacent to the City of Chicago; average socioeconomic characteristics; and manageable debt profile.
• Duluth Independent School District No. 709, MN: Moody's downgraded this school district's general obligation and COP rating from Baa1 to Baa2. The rating reflects the district's depletion of reserves over the past few years, reliance on cash-flow borrowing for operations, declining enrollment, and high debt burden with weak amortization structure.
• Northmor Local School District, OH: This school district's general obligation bonds were downgraded form A1 to A2. A negative outlook was assigned. The downgrade reflects the district's narrow financial position that is unlikely to improve materially without additional revenues.
• Washoe County School District, NV: Moody's downgraded this school's outstanding general obligation debt from Aa2 to Aa3. The downgrade reflects the district's somewhat weakened financial health as a result of two consecutive years of draws on General Fund reserves due to structural imbalance.
• Monroe County, NY: This county's general obligation bonds were downgraded from A3 to Baa1. The outlook was revised from stable to negative. The downgrade reflects a significant weakening in the county's financial position, with a structurally-imbalanced operating budget dependent on nonrecurring revenues and reliance on cash flow borrowing to maintain operations.
• Heath City School District, OH: Moody's downgraded this school district's general obligation debt from Aa3 to A1. The outlook was revised to negative. The downgrade reflects the district's decline in cash reserves and narrow financial position, which is expected to remain pressured over the near to medium term.
• City of Crockett, TX: This city's Tax and Waterworks and Sewer System Surplus Revenue Certificates of Obligation Series 2004 were downgraded from Baa3 to Ba1. The downgrade reflects the city's very narrow financial position that has underperformed expectations in recent years and its continued reliance on interfund borrowing to support operations.
• City of Columbus, MN: Moody's downgraded this city's outstanding general obligation unlimited tax (GOULT) debt from Aa3 to A1. The firm also downgraded the outstanding lease revenue debt of the city from A2 to A3.