Wayne County No Longer on Fitch's Watch List

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Fitch Ratings has removed its negative rating on some Wayne County bonds and has declared the the county’s rating outlook stable, county officials said in a news release Monday.

The negative “B” ratings were removed on the following bond issues:

• $186 million limited tax general obligation (LTGO) bonds issued by Wayne County;
• $51.3 million building authority (stadium) refunding bonds, series 2012 (Wayne County LTGO) issued by Detroit/Wayne County Stadium Authority;
• $200 million building authority bonds issued by Wayne County Building Authority;
• Wayne County unlimited tax general obligation (ULTGO) (implied).

The announcement by Fitch comes on the heels of an announcement earlier this month by Moody’s Investor Services, which said the county’s approval of a consent agreement improved its credit rating.

Fitch also said the consent agreement improves the county’s finances.

Wayne County is struggling to close a $52 million structural deficit, resulting from $910.5 million in unfunded pensions and a $100 million annual drop in property tax revenues since 2008.