Usually the Town Administrator's report comes at the very end of a Selectmen meeting, but Derek Sullivan couldn't wait to get the good news out Tuesday night.

Wareham's credit rating has been upgraded by one point, meaning the bonds issued by the town will have less interest and are deemed less risky than before.

"We looked back in the history," said Sullivan. "This is the highest rating the town has had."

Selectmen are hopeful that this will encourage more bidders for the town's bonds, which are typically issued to cover major costs, such as renovating a school.

"This is huge. This is mammoth. This is beyond fabulous," said Chair Judith Whiteside.

"I am going to give you a standing ovation," she said to Wareham's Treasurer John Foster, who sat in front of the board during the announcement. The rest of the board members followed suit as Whiteside stood and clapped.

Though the upgrade was only one point on the Moody Investors Services, Sullivan said that this was not just a “one level jump.” According to Sullivan, it moves the town into the high grade bond category, considered high quality and a very low risk. For Sullivan's entire statement, click here.

Some reasons for the upgrade include commercial and residential projects, rebuilding reserves by moving funds to the stabilization funds and reducing budgets to maintain structural balances. Practicing conservative budgeting techniques was a large factor in the town's financial improvement.

Though the town has moved $2.5 million into the stabilization fund, Sullivan reminded the board that their work was far from over.

“By Moody's standards it's just okay. We've cut to maintain as much as we can in services but we're going to have to continue to grow in the future,” said Sullivan. “That would be economic development, and smart economic development.”