S&P affirms Singapore

Standard & Poor's said it affirmed its AAA long-term and A-1+ short-term sovereign credit ratings on Singapore.

The outlook is stable.

The ratings reflect the sovereign's enduring fiscal and external strengths and competitive economy, S&P said. The ratings also are supported by its strong record of political stability and prudent macroeconomic management, the agency said.

The ratings also factor in the challenges it faces as a small open economy that has moderate contingent liability exposure to the financial sector, the agency added. That open economy leaves Singapore more exposed than its peers to exogenous shocks, S&P said.

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