This week marked another flurry of earnings as markets closed out the week at all-time highs. Earnings have included big names like Facebook (FB), Google (GOOG), Microsoft (MSFT), Morgan Stanley (MS), McDonald’s (MD), Coca-Cola (KO) and Boeing (BA). Results have been mixed, but the markets have been mostly positive this week.

• Island Palm Communities: Moody’s has upgraded the underlying ratings of Island Palm Communities LLC (IPC) (formerly known as Army Hawaii Family Housing LLC) Trust Certificates, Series 2005 Classes I, II and, III to Aa3, A3 and Baa2 from A1, Baa1 and Baa3 respectively. The rating affirmations are based on healthy operating performance demonstrated by several years of recent audited financials, expected positive impact on project performance from the 2015 BAH adjustment, and strong occupancy and demand. However, the project will face principal amortization on all classes of debt beginning in FY2016. While debt service coverage ratios (DSCRs) have grown substantially, we expect a decline at the beginning of FY2016 due to the increase in debt service related to the schedule principal amortization. Despite the future increases in debt service, we expect that recent BAH increases and sustained high occupancy of the project to support the current rating levels..

• Woodcreek Reserve Municipal Utility District, TX: Moody’s has upgraded Woodcreek Reserve Municipal Utility District, TX to Baa1 from Baa2. The Baa1 rating reflects the district’s modestly-sized tax base, which is expected to expand in the near-term given recent residential and commercial growth, improved reserve position, and elevated debt burden with slow principal payout..

• Las Vegas Valley Water District: Moody’s has upgraded Las Vegas Valley Water District, NV’s GOLT bonds to Aa1. The upgrade to Aa1 from Aa2 is predicated upon the improving credit strength of the Southern Nevada Water Authority (SNWA), whose net revenues secure a substantial portion of the LVVWD’s outstanding GOLT debt. The rating movement also reflects the near-term expected completion of a major capital project that will increase the security of the region’s water supply. The Aa1 rating further incorporates the LVVWD’s very large service area, an enormous tax base and local economy that is in recovery, and a manageable debt burden. Finally, the rating takes into consideration the LVVWD’s satisfactory and recently improved operating position supported by management’s actions to increase rates and also reduce capital and operating expenses since the recent downturn. Debt service coverage for GOLT bonds supported by the LVVWD’s net revenues remains below average compared to some other large, highly-rated water systems, and double-barreled debt supported by the SNWA remains self-supported by its resources.

• Eastern York School District, PA: Moody’s Investors Service has assigned an A1 underlying rating and A2 enhanced rating to the Eastern York School District, PA’s $8 million 2015 General Obligation Bonds. The downgrade of the underlying rating to A1 reflects the district’s deteriorating financial position. The rating also reflects the district’s average socioeconomic profile, moderately sized tax base, and elevated debt burden.

• Coram Fire District, NY: Moody’s has downgraded Coram Fire District, NY’s general obligation bonds to A2 from Aa3. The A2 rating downgrade reflects the district’s limited financial flexibility due to a negative unassigned fund balance, a modestly-sized tax base with above average wealth levels, minimal debt burden, and a multiple-year trend of operating deficits. Additionally, capital project spending has reduced capital reserves in recent years.