Wayne County is hoping to see financing expenses shrink as a result of a credit rating boost while it seeks to complete construction of a new jail -- or relocate the project if a Detroit soccer stadium proposal is approved.

Fitch Ratings upgraded Wayne County's Bond Rating from BB+ to BBB-, meaning bonds are rated "investment grade."

"The upgrade to 'BBB-' from 'BB+' reflects the continued progress that the county has made in rebuilding its financial resilience and gap-closing capacity to adequate levels, consistent with an investment grade rating," the credit rating agency announced in a May 26 statement.

"... The Detroit area economy continues to show improvement after severe weakening during the Great Recession. Unemployment rates have declined steadily but still exceed regional, state and national rates ... Fitch expects revenues to grow marginally in the near term as property values recover; however, the county's revenue framework remains vulnerable to future economic downturns."

Wayne County Executive Warren C. Evans' office is celebrating the upgrade as sign of improved ability to invest in infrastructure.

"Achieving investment grade status means Wayne County has more credibility in the marketplace as we look to long-term projects like improving facilities and infrastructure," Evans said in a Wednesday statement.

"It lowers our borrowings costs and demonstrates to investors that we are operating in a responsible and sustainable way."

Evans is looking to complete construction of a partially built Downtown Detroit jail that was halted in June 2013 when it became clear it was on pace to run tens of millions over its $300 million budget.

Quicken Loans founder Dan Gilbert has been pressing a proposal to build a brand new $420-million criminal justice complex at a separate location in exchange for the failed county jail site on Gratiot Avenue.

The original proposal can be viewed here.

Gilbert would potentially use the space for a Major League Soccer stadium in a partnership with Detroit Pistons owner Tom Gores.

Rock Ventures submitted to the county a financial study suggesting the project would have a $2.39 billion economic impact, but Evans was not convinced, and has continued to lean toward completing the existing construction site, emphasizing fiscal responsibility in county government.

"Fitch's assessment confirms that our Recovery Plan is working and Wayne County remains on a path to fiscal stability," Evans said in a statement after the credit rating boost.

"However, Wayne County isn't out of the woods yet. We still face tremendous unfunded obligations and need to complete critical infrastructure projects like the jail. We have to remain focused to continue Wayne County's recovery.

"... We are doing the right things with Wayne County's finances. But like communities across the state, cuts to revenue sharing and, as Fitch noted, limits on property taxes have left Wayne County on the fiscal edge even after we have consolidated departments, negotiated concessions from workers, and streamlined operations. It's a serious issue that needs to be addressed."