The country may be careening towards a default, but Mattapoisett just moved up to a top bond rating.

Standard & Poor’s, a financial services company announced that the town had moved from AA to AAA, a two-step jump.

Gagne said of the 175 municipalities rated by S&P in the state, Mattapoisett is one of only 22 with a AAA rating.

Town Administrator Mike Gagne said the town submitted a “voluminous amount of documentation” to the company. The resulting revised rating was partially as a result of two initiatives the town had taken: establishing a trust to begin paying off the $10.5 million health insurance liability and stabilization funds.

“They were impressed with the town’s decisions to set up a stabilization fund for the regional school educational costs, which can fluctuate one hundred fifty to two hundred thousands dollars between years,” said Gagne.

He also said the town is working to memorialize its fiscal management practices into a document that will serve as a blueprint for current and future town leaders.

The document includes information on the town’s stabilization funds, free cash policy, and steps to protect the town’s credit rating.

After the Financial Committee and Capital Improvements Committee review the document, it will be put before the Selectmen for a vote.