S&P affirms Singapore

Standard & Poor's said it affirmed the unsolicited AAA long-term and A-1+ short-term sovereign credit ratings on the Republic of Singapore, along with the axAAA long-term and axA-1+ short-term Asean scale rating.

The transfer and convertibility assessment also remains at AAA.

The outlook is stable.

The ratings reflect the sovereign's extensive fiscal and external strengths, S&P said, and its solid record of prudent macroeconomic management.

The ratings also reflect the challenges that the country faces as a small and open economy, the agency said.

The sovereign's net external position remains solid, underpinned by the absence of external public sector debt, the agency said.

The country does not have significant room to shift its focus to more domestic-oriented growth, unlike some of its bigger neighbors, S&P said.

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