Politics & Government
Wayne County’s Bond Rating Upgraded to ‘BB+’
The upgrade may allow Wayne County to borrow more money at a lower interest rate.
Detroit, MI – Fitch Ratings, Inc. has upgraded Wayne County’s Bond Rating from “B” to “BB+”.
The upgrade is a reflection of the progress Wayne County has made toward eliminating its financial distress by implementing a recovery plan, according to a news release. The plan realigns expenditures and long-term liabilities to match revenue.
The improved rating is expected to make it possible for the county to borrow the money necessary to complete work at the Gratiot Jail site and at a lower interest rate.
“The disciplined implementation of our recovery plan has turned the County’s finances around and put us on a path to fiscal stability,” said Wayne County Executive Warren C. Evans.
“The disciplined implementation of our recovery plan has turned the County’s finances around and put us on a path to fiscal stability,” said Wayne County Executive Warren C. Evans.
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“Although there is still a lot of work to be done before the County’s finances are completely stabilized, the Fitch upgrade of our credit rating is confirmation that we are on the right track.”
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